In May 2020, the retailer filed for Chapter 11 bankruptcy protection and in December that year, Brookfield Asset Management and Simon Property Group purchased Penney's retail and operating assets, lifting the company out of bankruptcy, for $800 million in cash and debt. Penney's first-lien secured lenders, many of whom supplied debtor-in-possession financing, took over the 160 real estate locations and six distribution centers the company owned. A vast amount of debt was erased from Penney's books through the transfer of ownership.