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Brookfield and Simon Property would acquire assets through a court-supervised sale.
The New York-based firm wants to buy the company and merge it with department store chain Belks.
The winning bid was led by the former CEO of Borden rival Dean Foods.
The rental car company has until May 22 to negotiate a financing strategy.
The closures "will enable us to move forward with an appropriately sized store footprint and operating structure as an omnichannel retailer."
State investigators say PG&E equipment caused the Camp blaze for which the utility has already set aside $10.5 billion to cover legal claims.
The deals with Gap and The Children’s Place were disclosed in bankruptcy filings.
No matter how grim things become, it's important to face each level of distress as soon as it arises and with full transparency.
The company said it secured $480 million debtor-in-possession financing to fund the store during bankruptcy.
Two hedge funds have declined to participate in the compensation of the former retailers' U.S. workers.
Eddie Lampert says the retailer must act "without delay" to address “significant near-term liquidity constraints."
