11 billion dollar company...? So why did they bid 1.7 billion? https://finance.yahoo.com/news/penney-pares-down-bidders-step-220118880.html As Penney’s Pares Down, Bidders Step Up A second delay would support Penney’s efforts to remain an independent company, though the field of parties submitting bids to purchase the retailer has widened. Amazon is not in it,” said one real estate source close to one of the bidders.