The private equity firm that backed out of a deal to buy Victoria’s Secret in the midst of the coronavirus pandemic appears poised to win an auction to buy JCPenney out of bankruptcy, The Post has learned.
New York-based Sycamore Partners has offered $1.75 billion to buy the 118-year-old department store chain with plans to merge it with Belks, a source with knowledge of the situation told The Post.
Sycamore sees JCPenney
helping to revive the North Carolina-based Belks, a struggling department store chain with 300 stores located mostly in the South, the source said. Sycamore owns Belks, as well as retailers Talbots, Staples…