Sept. 1 (Bloomberg) -- J.C. Penney Co. agreed to sell its outlet stores to SB Capital Acquisitions LLC, according to a letter sent to suppliers.
SB Capital will operate the outlets as an ongoing business and keep the J.C. Penney management team, according to the letter obtained by Bloomberg News. Financial terms weren’t disclosed. The J.C. Penney name will change after 21 months.
The retailer, based in Plano, Texas, said in January that it planned to exit the 19 outlet stores by the end of next year as it ends its catalog business. The company said at the time that exiting the outlets, closing other stores and reorganizing some other businesses would result in charges of about 5 cents per share in its fiscal 2011.
Darcie Brossart, a spokeswoman for J.C. Penney, declined to comment. Scott Bernstein, a spokesman for SB Capital, didn’t immediately return a phone call seeking comment.
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