Bankruptcy

The lender group was already set to take over most of J.C. Penney’s real estate at the outset of the bankruptcy case, with a plan that would have involved spinning the properties into a real estate investment trust and selling the rest of the retailer to the highest bidder.

Retailers have struggled during the coronavirus pandemic, as consumers lose jobs and the will to shop and dress up, with Brooks Brothers, J.C. Penney, J. Crew and Neiman Marcus declaring bankruptcy in 2020

Salter, who founded and runs Authentic Brands Group, has bought beaten up names like Forever 21, Lucky Brand Dungarees and Barneys New York

Pizza Hut franchisee’s NPC International Inc., the holding company of Chuck E. Cheese CEC Entertainment Inc. and the U.S. arm of Le Pain Quotidien have sought bankruptcy protection since the pandemic started.