The company that owns Fresno’s Fig Garden Village and the Visalia Mall is close to adding troubled retailer JC Penney to its portfolio.

Brookfield Properties is close to buying the long-struggling department store chain in hopes of holding on to other retail stores. JC Penney is currently in bankruptcy,

In the past few days the U.S. Bankruptcy Court for the Southern District of Texas has approved the asset purchase agreement with Brookfield Asset Management, Inc., Simon Property Group and creditors. The sale would be through a combination of cash and new term loan debt.

“With the 2020 holiday season in full swing, we are excited to operate under the new ownership of Brookfield and Simon outside of Chapter 11 and under the JC Penney banner,” said JC Penney CEO Jill Soltau.

In Fresno, JC Penney operates a local store at Fresno’s Fashion Fair Mall. The chain also has stores at Visalia Mall, Hanford Mall and Garden Vinyard Plaza in Selma.

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