PLANO, Texas (CBSDFW.COM) – Plano-based J.C. Penney emerged from Chapter 11 bankruptcy on Monday, Dec. 7.

The retailer completed its sale to a pair of landlords – Brookfield Asset Management Inc. and Simon Property Group through a combination of cash and new term loan debt.

They promise new innovations and offerings to build up the 118 year old business.

J.C. Penney filed for Chapter 11 in May 2020, becoming one of the largest retailers to do so during the pandemic amid a wave of store closures forced by the spread of COVID-19 infections in the U.S.

More than two dozen retailers have filed for bankruptcy protection since the pandemic temporarily closed stores, restaurants, gyms and other businesses nationwide.

J.C. Penney will continue operations under the same name.