Reuters exclusively reports buyout firm Sycamore Partners in talks to buy J.C. Penney

Reuters exclusively reported that private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Inc out of bankruptcy should the U.S. department store chain’s negotiations with its creditors fail. J.C. Penney, which employs roughly 85,000 people, filed for bankruptcy protection in May after the coronavirus pandemic forced it to temporarily close its more than 800 stores across the United States, compounding financial woes that stemmed from years of dwindling sales.