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The Ten Secrets You Will Never Know About Jcpenney Account Statement | jcpenney account statement

Intends to Establish Abstracted "OpCo" and "PropCo" Entities to Aerate Amount for Stakeholders and Advance JCPenney Banderole for Decades to Come

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J.C. Penney Company, Inc. (OTC:JCPNQ) today appear that it has accomplished an acceding in assumption to advertise JCPenney through a court-supervised bargain process. The Aggregation affairs to seek approval of a acknowledgment annual and, ultimately, accepting of a plan of about-face in alongside with the bargain process. Related to the bargain process, JCPenney expects to assassinate a "stalking horse" asset acquirement acceding ("APA"), which will clue an accomplished letter of intent, analogue the following:

"We accept bent that an acceding with Brookfield and Simon, as able-bodied as the accumulation of abstracted absolute acreage beforehand trusts endemic by our Aboriginal Affirmation Lenders, is the best aisle advanced to aerate amount for our stakeholders, ensure we accumulate the best food accessible and assembly employed, and position JCPenney to body on our over 100-year history," said Jill Soltau, arch controlling administrator of JCPenney. "The absorption in our operations reflects our Company's backbone and our loyal chump base. It is a attestation to the adamantine assignment and adherence of our accomplished assembly and the beforehand we accept fabricated in implementing our Plan for Renewal to Action Compelling Merchandise, Drive Traffic, Bear an Engaging Experience, Ammunition Growth, and Body a Results-Minded Culture."

Ms. Soltau continued, "As we abide to move through the bargain process, our focus will abide on confined our barter and alive seamlessly with our bell-ringer partners. We accept been a trusted accomplice to all of our stakeholders back 1902, and we apprehend to abide that clue almanac for decades to appear beneath the JCPenney banner."

Upon the beheading of the APA, the acceding will be bounden on Brookfield, Simon, and the Aboriginal Affirmation Lenders. JCPenney intends to book a motion gluttonous allotment from the U.S. Defalcation Cloister for the Southern District of Texas (the "Court") to conduct an bargain pursuant to Section 363 of U.S. Defalcation Code. Accordingly, the motion is accepted to set out the proposed behest procedures for the auction, with Brookfield, Simon, and the Aboriginal Affirmation Lenders confined as the "stalking horse bidder," advised to accomplish the accomplished or contrarily best action for the annual of JCPenney's stakeholders.

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It is advancing that the Aggregation will complete the bargain and appear from the Court-supervised action operating beneath the JCPenney banderole in beforehand of the 2020 anniversary season.

Additional Information

As ahead announced, JCPenney entered into a restructuring abutment acceding with lenders captivation about 90 percent of its aboriginal affirmation debt to abate the Company's outstanding acknowledgment and strengthen its banking position. To apparatus the banking restructuring plan, the Aggregation filed autonomous petitions for about-face beneath Chapter 11 of the U.S. Defalcation Code.

Additional advice apropos JCPenney's banking restructuring is accessible at Cloister filings and advice about the claims action are accessible at, by calling the Company's claims agent, Prime Clerk, toll-free at 877-720-6576, or by sending an email to

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Kirkland & Ellis LLP is confined as acknowledged adviser, Lazard is confined as banking adviser, and AlixPartners LLP is confined as restructuring adviser to the Company.

Forward-Looking Statements

The Aggregation has included statements in this advice that may aggregate advanced statements aural the acceptation of the Clandestine Securities Litigation Reform Act of 1995. Words such as "expect" and agnate expressions analyze advanced statements, which include, but are not bound to, statements apropos sales, amount of appurtenances sold, selling, accepted and authoritative expenses, earnings, banknote flows and liquidity. Advanced statements are based alone on the Company's accepted assumptions and angle of approaching contest and banking performance. They are accountable to accepted and alien risks and uncertainties, abounding of which are alfresco of the Company's ascendancy that may annual the Company's absolute after-effects to be materially altered from planned or accepted results. Those risks and uncertainties include, but are not bound to, risks accessory to the defalcation process, including the Company's adeptness to admission cloister approval from the United States Defalcation Cloister for the Southern District of Texas (the "Bankruptcy Court") with annual to motions or added requests fabricated to the Defalcation Cloister throughout the advance of the Aggregation and its subsidiaries' Chapter 11 cases (the "Chapter 11 Cases"); the adeptness of the Aggregation to negotiate, develop, affirm and able a plan of reorganization; the furnishings of the Chapter 11 Cases, including added acknowledged and added able costs all-important to assassinate the Company's reorganization, on the Company's clamminess (including the availability of operating basic during the pendency of the Chapter 11 Cases), after-effects of operations or business prospects; the furnishings of the Chapter 11 Cases on the interests of assorted constituents; the breadth of time that the Aggregation will accomplish beneath Chapter 11 protection; risks associated with third-party motions in the Chapter 11 Cases; Defalcation Cloister rulings in the Chapter 11 Cases and the aftereffect of the Chapter 11 Cases in general; altitude to which any debtor-in-possession costs is accountable and the accident that these altitude may not be annoyed for assorted reasons, including for affidavit alfresco the Company's control; accepted bread-and-butter conditions, including inflation, recession, unemployment levels, chump aplomb and spending patterns, acclaim availability and debt levels; changes in abundance cartage trends; the amount of goods; added acrimonious or cher acquittal agreement and/or the accommodation by a cogent cardinal of vendors not to advertise the Aggregation commodity on a appropriate base or at all; barter restrictions; the adeptness to monetize non-core assets on adequate terms; the adeptness to apparatus the Company's cardinal plan, including its omnichannel initiatives; chump accepting of the Company's strategies; the Company's adeptness to attract, actuate and absorb key admiral and added associates; the appulse of amount abridgement initiatives; the Company's adeptness to accomplish or advance liquidity; accomplishing of new systems and platforms; changes in tariff, bales and aircraft rates; changes in the amount of ammunition and added activity and busline costs; disruptions and bottleneck at ports through which the Aggregation imports goods; increases in allowance and annual costs; antagonism and retail industry consolidations; absorption amount fluctuations; dollar and added bill valuations; the appulse of acclimate conditions; risks associated with war, an act of agitation or pandemic; the adeptness of the federal government to armamentarium and conduct its operations; a systems abortion and/or aegis aperture that after-effects in the theft, alteration or crooked acknowledgment of customer, agent or Aggregation information; acknowledged and authoritative proceedings; the Company's adeptness to admission the debt or disinterestedness markets on favorable agreement or at all; risks arising from the delisting of the Company's accepted banal from the New York Banal Exchange; and the appulse of accustomed disasters, accessible bloom crises or added adverse contest on the Company's banking results, in accurate as the Aggregation manages its business through the COVID-19 communicable and the consistent restrictions and uncertainties in the accepted bread-and-butter and business environment. Amuse accredit to the Company's Annual Report on Form 10-K for the year concluded February 2, 2020, and annual letters on Form 10-Q filed after thereto, for a added altercation of risks and uncertainties. There can be no assurances that the Aggregation will accomplish accepted results, and absolute after-effects may be materially beneath than expectations. Investors should booty such risks into annual and should not await on advanced statements back authoritative beforehand decisions. Any advanced annual fabricated by the Aggregation in this advice is based alone on advice currently accessible to it and speaks alone as of the date on which such annual is made. The Aggregation does not undertake to amend these advanced statements as of any approaching date.

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About JCPenney

J. C. Penney Company, Inc. (OTC:JCPNQ), one of the nation's better accoutrement and home retailers, combines an all-embracing brand of food beyond the United States and Puerto Rico with a able eCommerce site,, to bear appearance and amount for all aggressive American families. At every touchpoint, barter will ascertain beautiful commodity at absurd amount from an all-encompassing portfolio of private, absolute and civic brands. Reinforcing this arcade acquaintance is the chump account and warrior spirit of JCPenney assembly beyond the globe, all active against the Company's mission to advice barter acquisition what they adulation for beneath time, money, and effort. For added information, amuse appointment

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