The plan is reportedly for JCPenney’s corporate parents to continue to maintain two separate brands while streamlining operations and cutting costs.
The owners of JCPenney have made an offer to acquire archrival Kohl’s in a deal that could value the department-store chain at upwards of $8.6 billion, The Post has learned.
Private equity giants Sycamore Partners and Leonard Green & Partners as well as Saks Fifth Avenue’s Canada-based parent company Hudson’s Bay are reportedly interested in acquiring Kohl’s.Simon and Brookfield have proposed that a single management team would operate JCPenney and Kohl’s while merging the information technology systems so that one unit is in charge of the chains, according to a source.
Simon Property Group is run by CEO David Simon, the son of the late company co-founder Melvin Simon. David Simon’s uncle, Herb Simon, who co-founded the company with his late brother, is the owner of the NBA’s Indiana Pacers — the team the Simon brothers bought in 1983.
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