Authentic Brands is teaming with mall landlords Simon Property Group and Brookfield Properties to purchase the troubled retailer JC Penney, which filed for bankruptcy on May 15.
JCPenney has already pledged to close 150 of its 800-plus stores. It would be the second deal this year for the Mall Owners-Authentic team, which bailed Forever 21 out of bankruptcy earlier this year. According to several sources, Authentic and Simon are also looking at Brooks Brothers Inc. on a joint bid that would be part of a potential bankruptcy filing.
The current Authentic Brands portfolio is a mix of licensed fashion brands and retail. The fashion brands range from Elvis Presley to Frye to Fredericks of Hollywood. The retail brands include Forever 21, Aeropostale and Barneys. The JCP deal would put the buying team in two of the toughest areas of retailing in any time period: department stores and malls.
