The owners of JCPenney are bidding to acquire rival Kohl’s, according to a new report.
Shopping-mall owners Simon Property and Brookfield Asset Management have offered around $8.6 billion for Kohl's stores, the New York Post reports.
Under the plan, JCPenney's parent company would maintain two separate brands and cut costs by $1 billion at Kohl’s over the next several years, the Post said, citing a source.
After filing for bankruptcy in the spring of 2020, JCPenney was acquired by Simon Property Group and Brookfield Asset Management.
With about 1,160 locations in every state except Hawaii, Kohl's, headquartered in Wisconsin near Milwaukee, is the nation's largest department store chain.
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