Simon Property Group Inc. and Brookfield Property Partners LP, two of the nation’s largest mall owners, are in talks with Authentic Brands Group LLC to buy J.C. Penney Co. Inc., according to Bloomberg.

By purchasing J.C. Penney, Indianapolis-based Simon (NYSE: SPG) and New York-based Brookfield (NASDAQ: BPY) would ensure one of its biggest tenants would not close shop, as the department store chain filed for Chapter 11 bankruptcy protection in May. Discussions are still ongoing, according to the report.

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