Business JC Penney reaches tentative rescue deal, averting liquidation Updated : September 10, 2020 07:57 AM IST JC Penney expects to emerge from bankruptcy before the 2020 holiday season, the company said. The restructured retailer is expected to operate about 650 stores, people familiar with the matter previously told Reuters. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.