Bankruptcy

The coronavirus has dragged down sales at restaurants around the world, and led many already-struggling eateries, such as the parent of Chuck E. Cheese and the U.S. arm of Le Pain Quotidien, to buckle under debt loads.

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