J.C. Penney filed for bankruptcy last week, and they plan to close about 242 of it’s 830 locations. It just so happens that a team from Amazon visited Penny’s headquarters in Plano, Texas about the same time as the bankruptcy filing, and may be interested in buying all or parts of the retailer.
Amazon is reportedly interested in expanding its clothing business, and Penney’s would be, um, a perfect fit.
J.C. Penney now employs about 85 thousand people. The rumor is that Amazon would convert some of the Penney locations into it’s own retail outlets, and some into distribution centers. Business insiders also think that Amazon my be interested in buying the AMC Theater chain.
Jack Kulp and Carolyn McArdle talked about it on the air! Listen below...