Major news for every Kohl’s shopper in NJ
Attention shoppers: the retail landscape in New Jersey (and beyond) could be changing once again.
This time the players appear to be JCPenney and Kohl's.
According to The New York Post, the owners of JCPenney have made an offer to acquire Kohl’s in a deal that could value the combined company at close to $9 billion.
FOX Business Network, referencing The Post report, says if the plan is approved, both brands would remain separate while behind the scenes, substantial cost-cutting could take place.
In other words, the Kohl's and JCPenney names would not go away.
Simon Property Group, known for owning a portfolio of shopping malls including the King of Prussia Mall outside of Philadelphia, and Brookfield Asset Management acquired JCPenney two years ago after the century-old chain filed for bankruptcy.
Kohl's put itself up for sale just a few months ago.
Prior to filing for bankruptcy, several JCPenney stores in our region closed, including locations in Rio Grande, Hamilton Mall in Mays Landing, and Cumberland Mall in Vineland.
There are currently around 1,100 Kohl's stores and about 670 JCPenney locations.
Women's Wear Daily reports neither Simon nor Kohl’s has officially confirmed the report, however, they quote a source close to Kohl's as saying, "One hundred percent, Simon put in a bid for Kohl’s."