The future of J.C. Penney (OTC: JCPN.Q) is in more serious doubt than ever following the collapse of talks between the troubled retailer and two of its landlords regarding a sale. The impasse was revealed by Joshua Sussberg, a lawyer representing J.C. Penney, in a bankruptcy court hearing on Monday. According to Sussberg, discussions between the retailer and two landlords, real estate investment trust (REIT) Simon Property Group (NYSE: SPG) and real estate investment company Brookfield Property Partners (NASDAQ: BPY), occurred this past weekend. Image source: J.C. Penney. The company, Simon, and Brookfield Property are in negotiations over J.C. Penney's retail assets, chiefly a clutch of its stores. Combined, Simon and Brookfield Property are the landlords for over 100 JCPenney stores. Prior to declaring bankruptcy in May, the storied retailer had 846 outlets. If a deal were reached, it would likely pull the retailer out of bankruptcy. Yet talks have stalled over the terms of future leases, among other issues. Sussberg didn't delve into details during the court hearing, but noted that J.C. Penney could still make a deal with creditors if discussions with Simon and Brookfield Property fail. The creditors and the retailer agreed to a tight deadline of Sept. 10, 2020, for this to occur. Neither Simon nor Brookfield Property has yet commented on Monday's court proceeding. J.C. Penney also has not issued an official reaction to the news. J.C. Penney, a classic old-line department store operator with a large brick-and-mortar footprint, was already struggling with the retail apocalypse when the novel coronavirus pandemic hit early this year. 10 stocks we like better than J.C. PenneyWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and J.C. Penney wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source