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Things may be shaking up soon on the department store retail scene.
JCPenney recently made an offer to acquire rival brand Kohl’s, according to the New York Post.
Simon Property Group and Brookfield Asset Management, owners of JCPenney, bid $8.6 billion ($68 a share) to buy Kohl’s.
If the offer is accepted, the brands will continue to operate as separate stores.
However, the owners would combine operations to cut overall business costs.
The deal would also put an end to the planned expansion of Sephora at Kohl’s store-in-store locations.
Simon Property Group and Brookfield Asset Management acquired JCPenney in 2020 after the department store filed for Chapter 11 bankruptcy.
Hudson’s Bay, parent company of Saks Fifth Avenue, and private equity firms Sycamore Partners and Leonard Green & Partners have also bid to acquire Kohl’s.
There are currently 38 Kohl’s locations in New Jersey and over 1,100 nationwide.
JCPenney operates 11 stores throughout the Garden State and 669 nationwide.
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