New York CNN —
JCPenney is merging with a company that owns a number of other once-bankrupt clothing stores, including Forever 21 and Brooks Brothers, to form a new company that will hold significant sway over the future of America’s malls.
The 123-year-old department store chain anchors the new company — a joint venture with Sparc Group, which also owns Lucky Brand, Eddie Bauer, Nautica and Aeropostale. The merger will form a new company called Catalyst Brands, representing a gamble that combining the beleaguered brands will create a new powerhouse of mall staples … that also happen
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