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JCPenney and Kohl’s have been rival department stores for a while now, but soon they might be part of the same corporate family.
Mall owners Simon Property and Brookfield Asset Management have made an offer to buy Kohl’s for an estimated $8.6 billion, according to a recent article.
This is big news that could have implications for Kohl’s shoppers. Here’s what you need to know:
The would-be new owners would likely close a bunch of Kohl’s stores.
When Simon & Brookfield bought JCPenney out of bankruptcy in December 2020, they began restructuring the company’s finances, which led to the closure of a third of their stores.
The New York Post article reported that if the Kohl’s purchase goes through, Simon & Brookfield would cut expenses by $1 billion over the next three years. That would likely mean store closures.
And if there are closures, you’ll want to bookmark our guide to liquidation sales.
Plans for Sephora mini-stores inside Kohl’s may be scrapped.
We’ve written about how Sephora mini-stores are coming to 75% of Kohl’s locations, but insiders say that if the Simon & Brookfield deal goes through, they’ll put an end to those plans — even as these mini-stores begin to open.
Sephora has been moving out of JCPenney stores as their partnership comes to an end in 2022.
Simon & Brookfield have no plans to merge Kohl’s and JCPenney.
Reports indicate that if the offer is accepted, JCPenney and Kohl’s would remain separate brands, although they’d streamline their operations and share costs.
So that means you’d still be able to use our Kohl’s savings tips.
Kohl’s has other interested buyers, including Saks.
Should the Simon & Brookfield deal not pan out, here are some of the other companies who have expressed interest in buying Kohl’s:
- Sycamore Partners: Owners of various companies including LOFT, The Limited, Hot Topic, Belk & Staples
- Leonard Green & Partners: Owner of a bunch of retailers, including Joann, The Container Store, Zaxby’s and 1-800-Contacts.
- Hudson’s Bay: The parent company of Saks Fifth Avenue and Saks Off Fifth