It has so far reopened nearly 500 stores that were closed due to the pandemic, and plans to bring additional locations online in coming weeks. It started selling the brand this week online, at the same time it’s reopening stores. Penney built its strength by developing private labels in a different era when powerful regional department stores could squeeze out the national chains — Penney and Sears — from the brands that they wanted exclusively. J.C. Penney, which employs roughly 85,000 people, filed for bankruptcy protection in May after the coronavirus pandemic forced it to temporarily close its more than 800 stores across the United States, compounding financial woes that stemmed from years of dwindling sales. Early reports from the Daily Mail suggested the two sides were in talks for a merger. “Amazon sells a lot of dresses because it sells a lot of everything,” Sweney said, “but they have to put some equity behind some real brands.”. Use the form below to reset your password. Amazon is reportedly in talks to buy the retail chain J.C. Penney, which recently filed for bankruptcy amid the coronavirus pandemic.
During a court hearing on Thursday, U.S. Bankruptcy Judge David Jones approved fresh financing from senior lenders to aid J.C. Penney's operations while it navigates Chapter 11 protection, and expressed concern the 118-year old chain needed to restructure quickly to survive. Click here to subscribe to D-FW Retail and more newsletters from The Dallas Morning News.
Still, concerns remain that customers might be slow to return amid health concerns and job losses not seen since the Great Depression. FILE PHOTO: A JCPenney store is pictured at a mall in Langhorne. Buyout firm Sycamore Partners in talks to buy J.C. Penney, sources say. A well-sourced fashion business publication, WWD.com, reported last week that Amazon had boots on the ground at Penney’s headquarters in Plano. as well as other partner offers and accept our, Visit Business Insider's homepage for more stories. Private equity firm Sycamore Partners is in early talks to acquire JCPenney out of bankruptcy if the department store's negotiations with creditors fall through. This hinges on a slew of investment firms that hold the company's senior debt and have provided the company's bankruptcy financing agreeing to J.C. Penney's business plan by July 14. Get the latest on openings, closings and trends of the D-FW retail scene. Sycamore, a New York private equity firm that specializes in retail and consumer investments, has in the past taken control of high-profile businesses such as office supplies chain Staples, women's clothing retailer Talbots and department-store operator Belk.
They also bought "fast fashion" retailer FOREVER 21 for $81 million after it went bankrupt at the end of 2019. J.C. Penney knows how, and that’s because it has been doing private-label merchandise longer than most of its competitors. Sycamore is weighing acquiring J.C. Penney outright or making an investment in the troubled retailer, the sources said. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. But then it was reported Amazon and AMC are not in talks, according to, “We would be surprised if an acquisition down near all-time lows by Amazon in a transaction that would more than likely be for cash (and not stock) would appeal to AMC’s major shareholders,” said Eric Wold, an analyst with B. Riley FBR, according to. But the same analysts will tell you that Amazon needs help with its apparel business. J.C. Penney is also seeking permission from landlords to skip rent payments for June, July and August, Sussberg said last week. A lifelong interest in writing led to first professional freelancing, then becoming a Motley Fool author.
Joshua Sussberg, a Kirkland & Ellis LLP lawyer representing J.C. Penney, said during Thursday's court hearing that the company needed to persuade lenders negotiating to take control of the restructured business to keep it alive and that he planned to hold them accountable for how the case ended. The retailer announced a first phase of 154 store closings last week. Our news is free and we intend to keep it that way. Neither company has commented on the rumor. This hinges on a slew of investment firms that hold the company's senior debt and have provided the company's bankruptcy financing agreeing to J.C. Penney's business plan by July 14. Sycamore, Brookfield and Simon may have some steep competition: Rumor has it Amazon may want the retailer's real estate and could scoop Penney's or its real estate up in a bid to expand its potential retail and logistics footprint. Brookfield Property and Simon Property, J.C. Penney's landlords, are said to be strong potential buyers because an acquisition would ensure their numerous retail properties remain occupied. The report quoted a source: “There is an Amazon team in Plano as we speak. J.C. Penney is also seeking permission from landlords to skip rent payments for June, July and August, Sussberg said last week. JCPenney has already pledged to close 150 of its 800-plus stores. Just hit yes and continue on your way.
“There is a dialogue and I’m told it has a lot to do with Amazon eager to expand its apparel business.”, “This financing, combined with cash flow generated by the company’s ongoing operations, is expected to be sufficient to meet J.C. Penney’s operational and restructuring needs,” the company said, according to, Though the possibility of that move remains precarious. JCP stock has gotten so cheap that Amazon could be considering a takeover to expand its distribution network By Laura Hoy , InvestorPlace Contributor Jun 18, 2020, 3:12 pm EDT June 18, 2020 JCPenney Signs Asset Purchase Agreement with Brookfield, Simon and First Lien Lenders, Charting Course for the Future Article Stock Quotes (1) FREE Breaking News Alerts from StreetInsider.com! Still, concerns remain that customers might be slow to return amid health concerns and job losses not seen since the Great Depression. Press question mark to learn the rest of the keyboard shortcuts. Brookfield in May said it would devote $5 billion to non-controlling investments designed to revitalize retailers struggling in the wake of the coronavirus outbreak. One would be a real estate investment trust that would hold some of the company's property and lease it back to J.C. Penney. Under a plan being discussed with its creditors, J.C. Penney would be split into two companies. Let's conquer your financial goals together...faster. Retail analyst Robin Lewis wrote in The Robin Report last week that Jeff Bezos would be making a “huge strategic mistake” if he purchased Penney, calling it “a rather dumb idea.”, Lewis is in the camp that thinks buying Kohl’s “would be a smart idea.” His reasons include that Kohl’s is bigger than Penney both in sales, market share and store count, and that most of Penney’s stores are in malls “where traffic has been tanking for years even before the virus.”. The chain created a new line of sheets and quilts called Linden Street to compete with specialty stores. We're not asking for your money.
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