JCPenney is officially under new ownership. The North Texas-based retailer announced today it had been sold to Simon Property Group and Brookfield Asset Management, meaning it can exit Chapter 11 bankruptcy. Simon and Brookfield are JCPenney's landlords. Simon CEO David Simon says he's a big believer in the JCPenney brand and is happy thousands of jobs will be saved. Brookfield CEO of Real Estate Brian Kingston is confident the investment will lead to longterm growth. JCPenney entered into Chapter 11 earlier this year citing the coronavirus pandemic.