I'm amazed at how quickly JCP is becoming a bottom feeder of a company. Sephora was negotiating in good faith to remove their boutiques from JCP by early 2021. JCP just couldn't accept this and decided to file a restraining order, to which Sephora responded to with a motion to dissolve.
Desperation.
It's all about consumer perception, Sephora has a reputation as a premium brand and doesn't want the reputation to be tarnished by JCPENNEY'S probkems. Lands End had a similar problem with exposure to Sears during their bankruptcy.
With no official news regarding JCpenney's decisions around its debt, the best assumption one could make it that perhaps they predict the bankruptcy being a sure thing and do not want to be tied to JCPenney when it happens.