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- JCPenney has agreed to merge with SPARC Group, which owns brands including Aéropostale, Brooks Brothers, and Lucky Brand.
- Catalyst Brands has combined revenues of $9 billion and 1 800 store locations.
- Catalyst Brands said it "has sold the U.S. operations of Reebok and is exploring strategic options for the operations of Forever 21."
- JCPenney will be delisted in 2020 from the New York Stock Exchange after filing for Chapter 11 bankruptcy.
JCPenney is combining with the owner of fellow shopping mall staples Aéropostale and Lucky Brand after a merger of two brand portfolios in an all-equity transaction Wednesday.
JCPenney and SPARC Group have agreed to merge, forming a new firm called Catalyst Brands. SPARC Group also owns Eddie Bauer, Brooks Brothers and Nautica. The new firm—consisting of shareholders Brookfield Corporation, Authentic Brands Group, Shein, and mall operator Simon Property Group—will also operate JCPenney-owned brands Stafford, Arizona, and Liz Claiborne.
Catalyst Brands, whose chief executive is former JCPenney CEO Marc Rosen, said it "has sold the U.S. operations of Reebok and is exploring strategic options for the operations of Forever 21."
Combined, Catalyst Brands is launching with "$9 billion of revenue, 1,800 store locations, 60,000 employees and $1 billion of liquidity," it said. Its roster of brands has "served over 60 million customers over the past three years," the company added.
JCPenney will continue to be publicly traded on the New York Stock Exchange until 2020 when, after declaring Chapter 11 bankruptcy, it will delist from the NYSE.
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