Amazon in talks to acquire J.C. Penney
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Amazon in talks to acquire J.C. Penney
Amazon is in talks with J.C. Penney (NYSE:JCP), WWD reports. Amazon is said to be a contender for either all or parts of JCP. "There is an Amazon team in Plano as we speak," said one source. "There is a dialogue and I’m told it has a lot to do with Amazon eager to expand its apparel business."
A deal would accelerate Amazon’s apparel and retail strategies.
Possibilities include Amazon converting JCP units to its own high-tech retail format. “This could be a new tech-driven retail model,” said the source.
Amazon could also convert some JCP sites into distribution centers. “Penney has about 30 freestanding locations with a lot of land, which could be converted,” the source said. "They do have some good real estate."
A sale of Penney is no certainty, but a deal wouldn’t be expensive given the chain’s bankrupt state and seriously depressed stock price.
the source..
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