|Bid||0.0000 x 3000|
|Ask||0.0000 x 900|
|Day's Range||0.1670 - 0.2325|
|52 Week Range||0.1112 - 1.2600|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 22, 2020 - May 28, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||1.00|
Having recently disentangled themselves from an acquisition deal to buy the ailing Victoria's Secret brand from L Brands (NYSE: LB) for $525 million, New York private equity firm Sycamore Partners may now be zeroing in on bankrupt retailer JC Penney (NYSE: JCP). Reuters reports knowledgeable sources say that Sycamore is sizing up its chances to buy JC Penney, or invest in it without an outright acquisition. The news is yet another twist in the ever more complex web of deals, offers, and legal maneuvers surrounding JC Penney's attempts to navigate bankruptcy and emerge as a viable retail company on the other side.
(Bloomberg) -- J.C. Penney Co. jumped on Friday after Reuters reported Sycamore Partners is in preliminary talks to buy the department-store company.Sycamore is considering purchasing J.C. Penney outright or making an investment in the company, Reuters said, citing three unidentified people familiar with the matter. The talks may not result in a deal, Reuters reported.J.C. Penney shares surged 55% to 32 cents on Friday.A deal with Sycamore could give J.C. Penney the lifeline it desperately needs after the 118-year-old department store filed for bankruptcy last month amid crushing debt. A mainstay of the American mall in the 20th century, J.C. Penney has been unable to find a way to stay relevant to modern-day shoppers.J.C. Penney has also contacted its landlords, including Brookfield Asset Management and Simon Property Group about potential agreements, Reuters said. The two groups could team up with Sycamore for an offer, according to Reuters.Representatives for J.C. Penney and Sycamore declined to comment.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Inc <JCP.N> 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. J.C. Penney, which employs roughly 85,000 people, filed for bankruptcy protection in May after the coronavirus pandemic forced it to temporarily close its more than 800 stores across the United States, compounding financial woes that stemmed from years of dwindling sales. Sycamore is weighing acquiring J.C. Penney outright or making an investment in the troubled retailer, the sources said.