JCPenney Combines With Aéropostale Owner in Merger of Mall Darlings | Global News Avenue

JCPenney will merge with the owner of other mall staples Aéropostale and Lucky Brand after combining both brand portfolios in an all-equity deal on Wednesday.

JCPenney has agreed to merge with SPARC Group, which also owns retailers Eddie Bauer, Brooks Brothers and Nautica, to create a new company called Catalyst Brands. The new company, made up of shareholders Brookfield Corporation, Authentic Brands Group, Shein and shopping mall operator Simon Property Group, will also operate JCPenney’s Stafford, Arizona and Liz Claiborne brands.

Catalyst Brands, whose CEO is former JCPenney CEO Marc Rosen, said it “has sold Reebok’s U.S. operations and is exploring strategic options for the Forever 21 operation.”

The combined Catalyst Brands will have “$9 billion in revenue, 1,800 stores, 60,000 employees and $1 billion in liquidity.” The company added that its roster of brands has “served more than 60 million customers over the past three years.”

JCPenney remained publicly traded until May 2020, when it was delisted from the stock market New York Stock Exchange (NYSE) After submitting your application Chapter 11 Bankruptcy.