J.C. Penney Co.’s plans to emerge from bankruptcy include spinning off a REIT, multiple media outlets have reported.
Court documents say as much as a 35 percent stake in the newly created REIT could be sold to a third-party investor to raise cash, or to provide additional funding for the REIT.
J.C. Penney is also planning to do sale-leaseback deals for its distribution centers, according to the documents.
The struggling retailer has until July 15 to develop a business plan and reach certain milestones to receive the bankruptcy-financing package, or else it must pursue a sale, according to MarketWatch.
