Zhitong Financial APP learned that on Wednesday, the landlord of Penny's and the owner of a large shopping mall in the United StatesSimon Real Estate (SPG.US)和Brookfield Property Partners (BPY.US)A $800m deal with JCPNQ.US is on the way to help the company avoid complete liquidation and save about 70, 000 jobs and 650 stores.

Joshua Sussberg, a lawyer at Kirkland & Ellis, said at the hearing that Simon and Brookfield would pay about $300m in cash and take on $500m in debt. At the same time, the hedge funds and private equity firms that funded the collapse of Penney will take ownership of some stores and retailer distribution centers in exchange for some of their debt.

Hit hard by health incidents, Penny filed for bankruptcy protection in May, when it had nearly 850 stores. Dozens of other retailers, including department store chains Neiman Marcus, Stage Stores and Lord & Taylor, have also been pushed to the brink of bankruptcy in health incidents, and some have yet to find buyers. Lord & Taylor, the oldest department store operator in the United States, is in the process of thorough liquidation. Household goods chain storesPier 1 Imports(PIRRQ.US) was also forced to liquidate.

Analysts say mall owners are most likely to save Penny because they need to prevent multiple vacant stores, which could trigger a so-called sharing clause that allows other retailers in the mall to renegotiate their leases or evacuate.