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Private equity firm Sycamore poised to buy JCPenney, merge it with Belks

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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
JCP,
-1.88%

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…



Source marketwatch.com

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