According to the New York Post, department store behemoth Kohl’s has been offered a $8.6 billion purchase agreement by competitor JCPenney.
JCPenney has apparently received an offer of $68 per share from Simon Property and Brookfield Asset Management, both of whom helped the Wisconsin-based retailer emerge from bankruptcy in 2020.
According to The Washington Post, the JCPenney and Kohl’s brands will stay independent, with ambitions to simplify operations, combine IT systems, and cut expenses. According to the publication, all private clothes will be produced by the same label.
According to the article, the bidders hope to save $1 billion in costs over the following three years.
If the deal is confirmed, it will put an end to plans to open more Sephora outlets within Kohl’s stores. It’s unclear what will happen to the Sephora counters that are currently open in New Jersey.