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Illustration: Aïda Amer/Axios

Simon Property Group (NYSE: SPG) and Brookfield Property Partners (Nasdaq: BPY) have tentatively agreed to acquire most of the retail operations of JCPenney, as part of a deal that will help the bankrupt retailer avoid liquidation.

Why it matters: The deal could save upwards of 70,000 jobs.

Details: The agreement values JCP at around $1.75 billion, with lenders putting up $300 million for both the company's distribution arm and ownership of 161 of its roughly 650 remaining stores. JCP also is in talks with Wells Fargo for $2 billion in new financing.

The bottom line: "Simon has already reached deals this year to save men’s suit maker Brooks Brothers and denim retailer Lucky Brand from bankruptcy, teaming up with the apparel licensing firm Authentic Brands Group to do so. It also previously teamed up with ABG and Brookfield to save Forever 21. Brookfield in May said it was planning to spend $5 billion to save retailers hurt by the pandemic," wrote CNBC reporter Lauren Thomas.

Go deeper

Dion Rabouin, author of Markets
Sep 10, 2020 - Economy & Business

Big companies can't lose with Fed money up for grabs

Illustration: Sarah Grillo/Axios

Business has entered its next evolution — the can't lose market — but only for large companies with access to public markets.

The state of play: Companies with enough size are starting to take advantage of the moment, and backed by a seemingly endless supply of free Fed money can go all-in on whatever they want.

Updated 2 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with involuntary manslaughter, according to court documents.

Driving the news: James and Jennifer Crumbley were each charged with four counts of involuntary manslaughter.