COLUMBUS, Ohio–SB Capital Group has completed its acquisition of 15 outlet stores from J.C. Penney.
The investment firm, an affiliate of Schottenstein Stores, formed a new retail company called JC’s 5 Star Outlet in preparation for the closing of the acquisition. For now, the stores will continue to operate as J.C. Penney Outlet Stores, but will transition over the next 21 months to be renamed JC’s 5 Star Outlets. Glen Gammons, head of the J.C. Penney Outlet Store division and a 40-year veteran of the department-store retailer, has agreed to become CEO of JC’s 5 Star Outlet.
During the transition, J.C. Penney will continue to supply these stores with overstocks and end-of-season merchandise. SB Capital said in a statement that it has offered positions with the new outlets to all 1,600 current and eligible store employees to remain with the stores after the completion of the transition.