Ohio Kohl's Stores To Be Acquired By Competitor: Report

OHIO — Kohl's stores across the nation — including the more than 50 Ohio stores — may soon be owned by the chain's arch rival, JCPenney, according to a New York Post report.

JCPenney offered Kohl's an acquisition deal for $8.6 billion, the Post reports.

Simon Property and Brookfield Asset Management, both of which aided JCPenney out of bankruptcy in 2020, have reportedly offered $68 a share to acquire the Wisconsin-based retailer.

The JCPenney and Kohl's brands will remain separate, a source told The Post, with plans to streamline operations, merge IT systems and slash costs. All private apparel is set to be manufactured by the same label, according to the outlet.

The bidders aim to cut $1 billion in costs over the next three years, per the report.

If finalized, the sale would nix plans to bring more Sephora locations inside Kohl's stores. It's not immediately clear what the fate of the already-existent Sephora counters in New Jersey will be. Read more: Middletown Kohl's Sephora Will Open April 29

The partnership with the beauty brand, which aimed to "draw new and younger customers" to Kohl's department stores, began in 2020, with the two companies planning for 12 more Garden State beauty counters opening this year. 850 Sephora stores inside Kohl's stores are planned to open by 2023.

Other interested bidders have included Saks Fifth Avenue's parent company Hudson's Bay, as well as private equity firms Sycamore Partners and Leonard Green & Partners, according to the New York Post.

Goldman Sachs has reportedly been pitched to facilitate the potential sales process, the report said.

There are 59 Kohl's locations in Ohio, according to the chain's website.