Personal fairness firm Sycamore Companions is major a bidding war to acquire bankrupt J.C. Penney Company, the New York Submit claimed Monday.

The New York-dependent firm has built an provide of $1.75 billion to the veteran retailer, in accordance to the Submit. It has also proposed a merger of JCPenney with Belks, yet another seasoned retailer it had obtained in 2015, as aspect of the acquisition deal.

“[JCPenney] is the lifeboat for Belks, which wants to compete with Macy’s nationally,” a particular person common with the make any difference explained to the Submit.

Other competing bidders contain Canadian Hudson’s Bay Company with a $1.seven billion provide, and shopping mall house owners Simon Residence Group and Brookfield Residence Companions, who have built a joint provide of $1.sixty five billion.

A single of the Submit resources stated all bidders were being knowledgeable that Sycamore and Belks “submitted the strongest bid to acquire JCP,” when yet another extra that all bidders continue to be in the blend.

JCPenney had submitted for a Chapter eleven personal bankruptcy in May possibly, as the COVID-19 pandemic lent a main blow to an currently battling retailer.

Reuters claimed in early June that Sycamore was keeping preliminary talks with the departmental retail outlet chain to acquire it out of personal bankruptcy.

Amazon was also rumored to be thinking about obtaining JCPenney, alongside with Forever 21-proprietor Genuine Models.

Sycamore’s curiosity in JCPenney will come just after it earlier backed out of a deal to invest in a fifty five% stake in L Models subsidiary Victoria’s Magic formula, proclaiming the lingerie company’s response to the COVID-19 pandemic breached their deal.

JCPenney shares shut two.four% lower at $.26 on Monday.

This tale initially appeared on Benzinga.

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