Posted on 04/25/2022 6:48:40 PM PDT by Morgana
The owners of department store giant JCPenney have reportedly made a multibillion-dollar offer to acquire one of the chain's biggest rivals - Kohl's - two years after filing for bankruptcy and shutting down nearly a third of its stores.
The proposal from Simon Property and Canada-based Brookfield Asset Management - which together scooped the shopping mall stalwart out of bankruptcy in December 2020 to the tune of $1.5 billion - offers to buy the store at $68 a share, bringing the total value of the deal to $8.6 billion.
A source reportedly told The New York Post, the first to break the story, that the owners plan to maintain the identity of the two competing brands while streamlining operations and cutting costs by roughly $1 billion over the next three years.
The two chains would reportedly be run by a single management team during the initial stages of the merger, the source said. The companies also would have all of their in-house apparel manufactured by the same label.
If successful, the new business would nix previous plans to roll out Sephora stands inside its 689 Kohl’s stores, the insider revealed.
News of the prospective purchase caused Kohl’s shares to skyrocket Monday, surpassing to hit $60.39 - a five percent surge from Friday's close of $57.36.
Simon Property is run by CEO David Simon, the son of the late company co-founder Melvin Simon. Simon, 62, is also the nephew of Indiana Pacers owner Herb Simon, 87, who co-founded Simon Property with his late brother. The pair bought the team in 1983 for $10million.
(Excerpt) Read more at dailymail.co.uk ...
Remember Sears - KMart
The last time I was in JCPenney, all I wanted was a nice standard black skirt. I looked and looked and finally located a clerk and asked her where “business attire” black skirts were located. She replied, “I don’t think we have anything like that here for ‘your’ age.” I was about 53 or so at the time. They were trying to appeal to college students who would never be seen in their store anyway. This was about the time they were pushing the gay agenda. I never went there again.
The last time I was in Kohl’s, I was looking for a simple pair of jeans. They had none, absolutely none, in my size (5 ft tall and 120 lbs). The jeans they did have were all college-aged type jeans (pre-torn, cheap fabric etc), and they were all for “plus-sized” women. I haven’t been back since.
J.C. Penney had a loyal clientele that they pushed out the door while trying to attract new customers. (Everyone used to go to Penney’s for their Easter Sunday dress and their interview suit). Their old customers left but no new ones ever arrived. Kohl’s went from providing good basic and decently made clothing to cheap stuff that looked as if it came from the dollar store.
Until they return to providing quality basic goods for middle America, neither one of these brands will make a come-back.
The McDonald Brothers really got screwed. I mean it’s not Kroc’s fault for being a hard-nosed salesman, but the brothers should have gotten some top attorneys and made a deal. In the end, they only got $1 million apiece.
It's like I read in those In-Flight Magazines, "You don't get what you deserve, you get what you negotiate."
I like Kohl’s. Interesting.
Yep. So much for being nice guys. :-(
Bring back Sears and the Sears & Roebuck catalogue!!
If my memory serves me correctly, JC Penny would down the crapper after going “woke” by hiring Ellen Degenerate to be their spokesman.
Do it!! I stopped shopping JCP when it went woke years ago. I stopped shopping kohl’s when the severely over priced products and ripped me off over those stupid kohl’s cash racket. It’s like buying sears or Kmart. Kohls is in trouble imho.
Yes, at least in Spokane. Macy closed a store in an area with rather high crime, has others nearby.
Interestingly, I recently had a complaint with Walmart, so I looked on their headquarters website for a list of their executives, vice-presidents and such. I could not believe what I found.
There are no VPs involved in customer relations or merchandising. Go to the Walmart headquarters website and you will see almost all VPs, and there are very many, and executives are in charge of something to do with real estate. Unbelievable.
KMart-Sears Roebuck
KMart-Sears Roebuck
K-Suck
Both companies are doomed. Visit their leadership teams’ websites. Nothing but the BS “diversity and inclusion” nonsense. Absolutely NOTHING about turning a profit and building stores where people want to spend their money. AA kills companies. Woke kills companies. PC kills companies. Good riddance.
Kohl’s has the thinnest men’s shirts around. You can see your hand thru the fabric. I buy at Landsend and LL Bean as they have more sturdy fabric.
Seems like it was just a few years ago JC Penny’s themselves was nearly going extinct.
I only shop both stores when I have coupons to get something for free. Otherwise…no.
That will continue…
Agree. It's a shame the Weinstein brothers didn't just stick to moviemaking.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.