Sycamore Partners made headlines when it agreed to buy Victoria's Secret, and then backed out of the deal in the wake of the coronavirus pandemic. Now, the private equity firm has made a $1.75 billion offer for bankrupt JCPenney. Sycamore owns Belk, a department store chain, and has shared plans to possibly merge the two, using JCPenney as a "lifeboat." Sycamore isn't the only bidder for the bankrupt retailer, but its bid is the biggest so far.
While the deal is still subject to approval from the court as well as from JCPenney’s lenders, creditors and board, Sycamore has been in the lead since bids were due on July 22, sources said.