Sycamore Partners Offers to Buy J.C. Penney for $1.75 Billion, Merge It With Belk
J.C. Penney (OTC: JCPN.Q) may be no more. Private equity firm Sycamore Partners is offering to buy the bankrupt department store for $1.75 billion and then merge it with troubled peer Belk, causing the once-venerable retailer's name to disappear.
Sycamore's bid is so far the highest among those received, including a $1.7 billion bid from Saks Fifth Avenue owner Hudson's Bay and a $1.65 billion joint proffer from mall operators Simon Property Group and Brookfield Property.
Image source: J.C. Penney.
Source Fool.com
