Amazon reportedly in talks with J.C. Penney
Bankrupt J.C. Penney may have an interesting suitor.
Amazon is said to be a contender for either all or parts of J.C. Penney, according to an exclusive report by WWD. The news comes after the department store retailer disclosed in a regulatory filing that it plans to permanently close about 242 of its 830 locations.
“There is an Amazon team in Plano [Tex.] as we speak,” said one source who does business with the online giant, reported WWD. “There is a dialogue and I’m told it has a lot to do with Amazon eager to expand its apparel business — for sure.”
According to the report, Simon Property Group and Brookfield are also eyeing Penney to avoid the chain having to liquidate. In February, the two real estate giants were among a consortium of buyers that bought bankrupt Forever 21. In 2016, Simon partnered with General Growth Properties — now owned by Brookfield — to save Aeropostale from liquidation.