The ailing department store group Kohl’s could soon have a new owner. The New York Post reported Tuesday that JCPenney’s owners reportedly made an $8.6 billion bid.
Simon Property Group and Brookfield Asset Management recently acquired JCPenney after the company filed for bankruptcy in May 2020. JCPenney currently operates only a third of its previous number of stores.
JCPenney’s owners, Simon Property Group and Brookfield Asset Management, aren’t the only companies interested in acquiring Kohl’s. Other department store owners, including Saks Fifth Avenue and Hudson’s Bay, have shown credible interest.
As part of the acquisition, Kohl’s could expect a management reshuffle with severe cost cutting. While Kohl’s and JCPenney are direct competitors, sources say streamlining operations with a single management team and sharing supply chains to manufacture private label apparel would be key to the acquisition plans.
This translated post previously appeared on FashionUnited.uk.
