New York – Could JCPenney’s savoir be a private equity firm?
According to a report in the New York Post, Sycamore Partners has offered $1.75 billion to acquire JCPenney out of bankruptcy. The anonymous source told the Post that Sycamore plans to merge Penney with regional department store Belk, which the firm acquired in 2015.
“JCP is the lifeboat for Belk, which wants to compete with Macy’s nationally,” the source told the Post.
Other bidders for JCPenney include Hudson’s Bay Company, which is offering $1.7 billion, and mall operators Brookfield Property and Simon Property, which have partnered with a $1.650 billion bid, according to the Post.