Exclusive: Buyout firm Sycamore Partners in talks to buy J.C. Penney – sources

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Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Inc out of bankruptcy should the U.S. department store chain’s negotiations with its creditors fail, three people familiar with the matter said on Friday.

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NEW YORK (Reuters) – Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Inc (JCP.N

FILE PHOTO: A J.C. Penney Company Inc. store is pictured at a mall in Langhorne, Pennsylvania, U.S. November 17, 2018. REUTERS/Suzanne Barlyn/File Photo

Even in less-fraught times, many retailers, including Barneys New York Inc and Toys ‘R’ Us, have failed to reorganize under bankruptcy protection and gone out of business for good.

J.C. Penney on Thursday said it plans to permanently close 154 stores, and may shut more. It has so far reopened nearly 500 stores that were closed due to the pandemic, and plans to bring additional locations online in coming weeks. Still, concerns remain that customers might be slow to return amid health concerns and job losses not seen since the Great Depression.

J.C. Penney is also seeking permission from landlords to skip rent payments for June, July and August, Sussberg said last week.

Reporting by Mike Spector and Jessica DiNapoli in New York; Editing by Daniel Wallis


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Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Inc out of bankruptcy should the U.S. department store chain’s negotiations with its creditors fail, three people familiar with the matter said on Friday.

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