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.

READ MORE: Widow Of Good Samaritan Who Suffered Deadly Blow On DART Train, Seeking Answers And Justice

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.

READ MORE: Dallas' Vogel Alcove Breaking Cycle Of Poverty Through What Looks Like Playtime

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.


MORE NEWS: 5 Shannon High School Student In Birdville ISD Showed Symptoms Of Overdose, 1 Taken To Hospital Staff