New York — JC Penney needs to exit bankruptcy proceedings in a matter of months to survive the unprecedented financial strain of prolonged store closures due to the Covid-19 pandemic, a lawyer for the US department store chain told a court hearing.

“This company needs to move incredibly quickly through this restructuring. If we don’t, the results could be disastrous,” said Joshua Sussberg, a Kirkland & Ellis LLP lawyer representing the retailer. He unveiled a timeline that foresees the company agreeing to a business plan with lenders by July 15 or else putting itself up for sale...

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