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Penney is on the road to emerging from bankruptcy just in time for the upcoming holiday season.

A bankruptcy judge late Monday approved a deal to rescue the 118 year old retailer, avoiding a total liquidation and saving what could be as many as 63 1000 jobs.

The multiple prongs to rescue involved the sale of the now slimmed down retailer for $1.75 billion to mall operators Simon Property Group and Brookfield Property Partners.

Meanwhile, lenders agreed to forgive $1 billion in debt in exchange for 160 properties and six distribution centers.

JC Penney was just one of mawr than two dozen retailers pushed into bankruptcy this year after the global health crisis forced shopkeepers to shut their doors four weeks, leaving them starved for cash and unable to pay the rent.

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Penney's trouble started long ago after it failed to adapt to the rise of online shopping, and this holiday shopping season could prove to be quite difficult.

With the health prices setting new records across the United States, consumers may be reluctant to go outdoors to shop, which leaves even a smaller J.

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