The clock is ticking for J.C. Penney Co., which is racing to settle with creditors quickly enough to convince them it can once again make money selling clothing, cosmetics and cookware to another generation of Americans. Penney wants to spin off its real-estate holdings into a public trust, separate from the retail operations, Mr. Sussberg said. Mr. Sussberg said Penney would also market its business to potential buyers. To emerge from chapter 11, creditors have to be convinced the business is a worthwhile investment, worth more alive than dead. They include Toys "R" Us Inc. and Barneys New York Inc., which both filed for chapter 11 hoping to reorganize but wound up in liquidation.

Source: Wall Street Journal May 17, 2020 20:45 UTC