A U.S. judge on Monday approved a deal to rescue J.C. Penney from bankruptcy proceedings precipitated by the coronavirus pandemic, averting a liquidation that would have put the department store chain out of business.
France's LVMH faces an uphill battle in walking away from its $16 billion deal to buy U.S. jeweler Tiffany & Co, with legal experts noting most mergers which end up in court are renegotiated rather than dissolved.
J.C. Penney's talks with landlords for a rescue from bankruptcy proceedings reached an impasse, pushing the department store to the brink of collapse unless it can reach a deal within days to be taken over by lenders.
Brooks Brothers has said that Authentic Brands Group and malls giant Simon Property Group have it in their sights with a $300m+ bid and plans to save “at least” 125 stores. But other bids could still derail the plan.