Equity group picks up JCP outlets
Home & Textiles Today Staff -- Home Textiles Today, October 17, 2011
Columbus, Ohio - Schottenstein affiliate SB Capital Group has acquired 15 JCPenney Outlet Stores from J. C. Penney Company Inc. and will rebrand them as JC's 5 Star Outlet, which will be run by Penney veteran Glen Gammons.
Under the terms of the sale, Penney will continue to supply the outlets with overstocks and end-of-season merchandise, and SB Capital Group offered positions with the new business to all 1,600 eligible employees of the JCPenney Outlet Stores.
Gammons, who has spent 40 years with JCP, ran the retailer's outlet division for the past 11 years. He becomes ceo of JC's 5 Star Outlet.
"Today's announcement marks the culmination of our efforts to acquire a business we greatly admire. We've watched this operation for a number of years, and in doing so, could not be anything short of impressed with the business and the value offered to consumers," said Scott Bernstein, coo of SB Capital Group.
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