JCPenney To Buy Kohl’s, Including All 66 Illinois Stores
Other than most of my family members, I can't think of a single thing in my life that I wouldn't happily take $8.6 billion for. If we're really being honest here, I'd probably be willing to take half than amount.
It seems that when Kohl's, at the urging of some activist investors, put themselves up for sale earlier this year, they were serious about it.
The 2 Companies That Helped Get JCPenney Out Of Bankruptcy In 2020 Have Made Wisconsin-Based Kohl's A Big Offer
According to published reports, Simon Property and Brookfield Asset Management have reportedly offered $68 per share to acquire Kohl's.
One well-placed source told The Post that the plan is for JCPenney’s corporate parents to continue to maintain two separate brands while streamlining operations and cutting costs. The bidders’ plan for Kohl’s is to slash costs by $1 billion over the next three years, according to the source.
If you're a long-time Kohl's fan/shopper, you're probably wondering if all the Kohl's stores here in Illinois will become JCPenney stores once the ink has dried on this potential deal.
There Are 24 JCPenney Stores In Illinois, And 66 Kohl's--Does Than Mean We'll Have 90 JCPenney Stores Now?
From what I'm seeing as I dig into the background on this story, it looks like the answer to that question is no. The JCPenney and Kohl's brands will remain separate, a source told The Post, with plans to streamline operations, merge IT systems and slash costs. All private apparel is set to be manufactured by the same label, according to the outlet.
If finalized, the sale would cancel the plans to bring more Sephora locations inside Kohl's stores. It's not immediately clear what the fate of the already-existent Sephora counters in Illinois will be.
15 Iconic Retail Stores That Don't Exist Anymore (But We Totally Miss Shopping At)