PLANO, TEXAS – JCPenney's new owners are on the search for a new CEO - as its former head Jill Soltau abruptly exited the company December 31.
According to Reuters, the company’s new owners - mall operators Simon Property Group and Brookfield Asset Management - have named Shanley Shashou, who serves as Simon's chief investment officer, as interim CEO.
Both owners said they would search for a new CEO who is "focused on modern retail, the consumer experience, and the goal of creating a sustainable and enduring JCPenney."
Brookfield Property Group and Simon Property Group together purchased the company's retail and operating assets for $1.75 billion in September 2020. Each group said it would pay around $300 million in cash and assume $500 million in debt. The acquisition allowed the company to exit Chapter 11 in December.
JCPenney filed for bankruptcy in May 2020 after losses incurred when the COVID-19 pandemic forced the company to close nearly 850 stores.
Have something to say? Share your thoughts with us in the comments below.