April 25, 2022

JCPenney and Kohl’s might not be competitors much longer.

The New York Post is reporting that Simon Property Group and Brookfield Asset Management are offering to acquire Kohl’s Corp. in a deal worth more than $8.6 billion.

Simon and Brookfield also bought JCPenney when it was going through bankruptcy.

Simon owns The Empire Mall in Sioux Falls.

Kohl’s has been under investor pressure to sell. The Wisconsin-based retailer has hired Goldman Sachs Group inc. to consider select offers.

There are two Kohl’s stores in Sioux Falls, including one at Empire East across from The Empire Mall.

According to the newspaper, which cited a source close to the talks, the plan is “to continue to maintain two separate brands while streamlining operations and cutting costs. The bidders’ plan for Kohl’s is to slash costs by $1 billion over the next three years, according to the source.”