Amazon Is Reportedly Eyeing Bankrupt J.C. Penney As Coronavirus Stokes M&A Activity
May 20, 2020
Coronavirus may have slowed consumer spending on many fronts, but it looks like the shakeup may be sending retailers and brands hunting for good buys. As J.C. Penney said Monday that it plans to shut nearly 250 stores as part of its turnaround starting with Friday’s bankruptcy filing, trade publication Women’s Wear Daily reported that Amazon is in talks with the struggling mid-priced department store chain about a deal of some kind. The potential explanation includes Amazon wanting to expand its own apparel business and to turn some of J.C. Penney’s properties into distribution centers. Amazon declined to comment. Its investors appeared to like the prospect, bidding the stock higher in a lower market on Tuesday. Read more at Forbes.
