J.C. Penney is searching for a new CEO after its new owners Simon Property Group and Brookfield Asset Management Inc. decided to replace Jill Soltau.
Soltau, who joined the struggling retailer about two years ago, left the company on Dec. 31.
Penney said earlier this month its retail and operating assets would exit Chapter 11 as two of its biggest landlords, Simon and Brookfield, had acquired nearly all such assets.
The iconic department store had filed for bankruptcy in May after the COVID-19 pandemic forced it to temporarily close its then nearly 850 stores.
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