(FOX NEWS) — JCPenney considering a new way to end its bankruptcy problems as talks with potential buyers come up short.
The long-time department store chain considering selling its assets to some of its lenders.
A company attorney saying that discussions to sell to three potential bidders, including mall companies, have stalled out.
JCPenney potentially turning to its top lenders, including H2 capital partners, to make a credit bid to own the retailer as a stand-alone company.
The move could prevent a liquidation of its assets under bankruptcy.
JCPenney’s is facing a September 10th deadline to reach an agreement.
The company also prepared to lay off about 1,000 employees and close 150 locations across the country.