LB - Sycamore Partners After Exiting the Victoria's Secret Deal May Now Buy JC Penney
Having recently disentangled themselves from an acquisition deal to buy the ailing Victoria's Secret brand from L Brands (NYSE: LB) for $525 million, New York private equity firm Sycamore Partners may now be zeroing in on bankrupt retailer JC Penney (NYSE: JCP). Reuters reports knowledgeable sources say that Sycamore is sizing up its chances to buy JC Penney, or invest in it without an outright acquisition.
The news is yet another twist in the ever more complex web of deals, offers, and legal maneuvers surrounding JC Penney's attempts to navigate bankruptcy and emerge as a viable retail company on the other side. Just yesterday, a second group of lenders led by Aurelius Capital spoke of the possibility of providing Penney with a loan on much better terms than the original, blasting the original lenders headed by Silver Point and H/2 as "predatory."
Image source: J.C. Penney