Amazon is reportedly in talks to buy the retail chain J.C. Penney, which recently filed for bankruptcy amid the coronavirus pandemic.
An Amazon team has headed to Texas to talk with J.C. Penney about buying the company, according to Women’s Wear Daily, a news source dedicated to retail industry news.
“There is an Amazon team in Plano as we speak,” the Women’s Wear Daily report said. “There is a dialogue and I’m told it has a lot to do with Amazon eager to expand its apparel business.”
J.C. Penney filed for bankruptcy Friday with $500 million on hand. The company received $900 million in financing from lein lenders. That would include $450 million in new money, according to Yahoo! Finance.
Read the source article at deseret.com
Home
