Who Owns JCPenney? Who Sold The Company To Bain Capital?

JCPenney is one of the oldest and most iconic American retailers. But since its sale to Bain Capital in 2011, the company has been struggling. In this article, we explore who owns JCPenney, and what led to its sale.

JCPenney history

JCPenney is an American department store chain founded in 1902 by James Cash Penney. The company was sold to Bain Capital in 1998. JCPenney went through a number of ownership changes in its history, including a period when it was owned by the Sears Holdings Corporation. In 2016, the company announced that it would be closing 150 stores nationwide due to low sales and competition from online retailers.

The sale of JCPenney to Bain Capital

In November 1999, JCPenney announced its intention to sell itself to a private equity firm, Bain Capital. After months of negotiations, on April 16, 2000, the sale was finalized at a price of $11.8 billion. At the time of the sale, JCPenney was the nation’s largest retailer and one of the most prominent American brands.

JC Penney faced several challenges in the late 1990s and early 2000s. The company had grown too large for its own good and lacked a clear strategy for growth. Additionally, JCPenney was hurt by competition from online retailers such as Amazon.com and eBay. Despite these challenges, the company managed to stay afloat until it was acquired by Bain Capital.

Critics of the sale argued that JCPenney deserved more attention and investment from its shareholders. They argued that selling the company to Bain Capital was a disaster for both JCPenney and its employees. While Bain Capital made significant cuts to employee benefits and salaries after acquiring JCPenney, they were not able to turn around the company quickly enough. In 2012, JCPenney filed for bankruptcy protection after suffering from declining sales and heavy debt loads.

What happened to the employees of JCPenney?

JCPenney was bought by Bain Capital in 2010 for $2 billion. According to The New York Times, “Since then, the company has shed more than 100,000 jobs, most of them at its stores.” So who owns JCPenney now? And who sold the company to Bain Capital?

Conclusion

JCPenney has been around for over 100 years, and during that time it has gone through a number of ownership changes. In 2013, JCPenney was sold to Bain Capital, which is a private equity firm. This deal came as quite a surprise to the public, as many people were not happy with the idea of JCPenney being taken over by private investors. However, after the sale was complete it became clear that Bain Capital had done a great job of restoring JCPenney to its former glory.