Ever since JC Penney filed for bankruptcy earlier this month, rumors have swirled around potential buyers. The latest—and most dissected by insiders—is Amazon.
According to Women's Wear Daily, Amazon is in talks with JC Penney to acquire all or part of the store chain's real estate assets. "There is an Amazon team in Plano as we speak," the WWD report reads, according to Yahoo Finance and referring to JC Penney's headquarters in Texas. "There is a dialogue and I'm told it has a lot to do with Amazon eager to expand its apparel business."
JC Penney plans to close nearly 200 stores this year, as well as an additional 50 in 2021. The retailer has been struggling for years, and cited the COVID-19 pandemic as the main reason for the Chapter 11 filing.
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Richard Binder
Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.
