Ailing department store group Kohl’s could soon have a new owners. The New York Post on Tuesday reported the owners of JCPenney have made a bid, valuing at 8.6 billion dollars.
Simon Property Group and Brookfield Asset Management also recently acquired JCPenney after it filed for Chapter 11 bankruptcy in May 2020. It currently operates with just one third of its previous store count.
JCPenney parent Simon Property Group and Brookfield Asset Management is not the only business interested in acquiring Kohl’s. Other department store owners, including Saks Fifth Avenue and Hudson’s Bay, have shown credible interest.
As part of the deal Kohl’s could expect a management shake-up with stringent cost-cutting to its operations. While Kohl’s and JCPenney are direct competitors, sources say streamlining operations with a single management team and sharing supply chains to produce own label clothing would be key to the takeover plans.