Sears, the other major retail tenant in retail CMBS that remains under credit stress, is listed as a tenant in 197 loans compared to 254 loans for JCPenny. The two are frequently co-anchors of securitized regional malls, according to a JP Morgan report.

The retailer said last week that it secured a new $1 billion loan to boost liquidity. The company was expected to run out of cash by April, according to several market reports.

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