J.C. Penney has allegedly resuscitated its acquisition deal with landlords Simon Property Group and Brookfield Property Partner to rescue the footwear retailer out of bankruptcy proceedings. Reportedly, they have agreed to an enterprise value of US$1.75 billion for buying J.C. Penney’s operations, which would be US$100 million higher than their initial bid. However, Simon and Brookfield would pay about US$300 million in cash and assume the rest of the amount in debt. As part of its bankruptcy exit plan, J.C. Penney is said to still intend to spin off most of its real estate assets as a separate real estate investment trust.

Meanwhile, Authentic Brands could allegedly join Simon Property Group and Brookfield Property Partners in the deal, which would allow the new owners to fill J.C. Penney’s stores with Authentic’s fashion retail chains such as Forever 21, Nine West and Jones New York. Authentic Brands has partnered with Simon Property Group and Brookfield Property Group on other acquisitions in the past, including for Aeropostale.

Sources: Seeking Alpha/Motley Fool