Fifteen J.C. Penney outlet stores acquired by SB Capital
Columbus, Ohio -- SB Capital Group, a Schottenstein affiliate, said Monday it has acquired 15 J.C. Penney Outlet Stores from J. C. Penney Co., and will rebrand the units as JC’s 5 Star Outlet.
According to SB Capital, the stores will operate for up to a 21-month transitional period as J.C. Penney Outlet Stores, as the stores are converted to JC's 5 Star Outlet. J.C. Penney will continue to supply the stores with overstocks and end-of-season merchandise, and all existing store staffs and management have been retained.
Longtime J.C. Penney Outlet Store Division head Glen Gammons will serve as CEO of JC's 5 Star Outlet.