ROCKFORD (WIFR) -- A popular outlet store is getting a new lease on life after its owners said they would shut down earlier this year.
Press Release from SB Capital Group: SB Capital Group Completes Acquisition of JCPenney Outlet Stores
SB Capital Group, LLC, a Schottenstein affiliate, today announced the completed acquisition of 15 JCPenney Outlet Stores from J. C. Penney Company, Inc.
In preparation for the acquisition, SB Capital Group formed a new retail entity, JC’s 5 Star Outlet. While the stores will operate for an extended transitional period as JCPenney Outlet Stores, an evolution will take place over the next 21 months to rebrand the stores as JC’s 5 Star Outlet. Additionally, J. C. Penney Company, Inc. will continue to supply the Outlet Stores with overstocks and end-of-season merchandise, providing a loyal customer base of outlet shoppers an assurance of finding the same quality, value, convenience and service they are accustomed to and recognize.
The acquisition also provided for the continued employment of the existing store staffs and management. SB Capital Group offered positions with JC’s 5 Star Outlets to all 1,600 eligible employees of the JCPenney Outlet Stores, ensuring a seamless transition process for the consumer and important job retention nationwide.
Glen Gammons, whose 40 year career with J. C. Penney Company, Inc. includes the last 11 years as head of the JCPenney Outlet Store Division, has accepted the position of CEO of JC’s 5 Star Outlet. Glen is bringing his management team from the Outlet Stores to JC’s 5 Star Outlet to ensure the successful continuity of the enterprise they’ve built and nurtured over the years. This experienced team will chart the course for the future direction of the company and the continued development of the new outlet brand.
Scott Bernstein, Chief Operating Officer of SB Capital Group, said “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. We’re excited about the prospects of continuing this great business and providing the tools necessary for future growth. We know consumers will likewise be excited about the preservation of a store that is very much a part of their shopping routine. We’ll do everything we can to support Glen and his team in their efforts to always provide consumers with the best quality of product at prices they can afford.”
SB Capital Group, a Schottenstein affiliate, continually searches the marketplace for interesting and diverse opportunities. SB Capital and the Schottenstein organization have businesses and investments across a wide area of sectors which include retail, consumer products, franchising, licensing and real property. From participation in equity and debt transactions that span the globe, SB Capital Group has earned a reputation as one of the more creative private merchant banking groups in existence.