August 14, 2022

Authentic Brands in Talks to Join J.C. Penney Plan: Bus. Insider

(Bloomberg) — Authentic Brands Group LLC is in discussions to join a planned rescue of J.C. Penney Co., Business Insider reported, citing two people familiar with the matter. Mall landlords Simon Property Group Inc. and Brookfield Property Partners LP agreed to buy the bankrupt department store in a deal valued at $1.75 billion.

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A closed JC Penney Co. store stands in Mt. Juliet, Tennessee, U.S., on Thursday, April 16, 2020. J.C. Penney is skipping an interest payment, putting the struggling retailer on the path toward a potential default on its debt.

The people didn’t disclose whether Authentic Brands would invest in the department store alongside Simon and Brookfield or buy into the partnership after the restructuring was done in the coming weeks, Business Insider said.

A spokeswoman for J.C. Penney told the publication that the planned sale of the company was “to Simon and Brookfield only.” Simon declined to comment to Business Insider.

New York City-based Authentic Brands, which owns a collection of consumer brands including Nautica and Aeropostale, teamed up with Simon and Brookfield to buy teen clothing chain Forever 21 out of bankruptcy earlier this year. Bloomberg News reported in June that Authentic Brands may also join the two mall landlords to buy J.C. Penney, which filed for Chapter 11 protection in May.

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