Sycamore Partners Leads Bidding for JCPenney
New York City-based private equity firm Sycamore Partners is leading bids to acquire JCPenney, following the retailer’s May bankruptcy filing, the New York Post reported. One cloaked source told the Post that Sycamore’s $1.75 billion offer bested competing bids from Saks Fifth Avenue owner Hudson’s Bay Company, at $1.7 billion, and a $1.65 billion offer from a partnership of mall operators Simon Property and Brookfield Property. A second source countered that the $100 million swing between the offers, which were due July 22, means all three bidders are still in the game.
The first source said Sycamore plans to use JCP ... Log in to view full article.