MASSENA -- JCPenney and SPARC Group have joined forces, combining to create a new organization known as Catalyst Brands.
The news came from the JCPenney Newsroom January 10, as the …
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MASSENA -- JCPenney and SPARC Group have joined forces, combining to create a new organization known as Catalyst Brands.
The news came from the JCPenney Newsroom January 10, as the retailer joins a portfolio that includes six retail banners "that celebrate the essence of American style."
“Catalyst Brands brings together the rich heritage of six unique brands with modern energy and a new vision for success. The word ‘catalyst’ reflects our drive to accelerate innovation and energy and amplify the impact of this powerhouse portfolio. Together, we bring scale, expertise and broad appeal to customers across America,” CEO Marc Rosen said.
“For us, customers are at the heart of what we do. We have a shared belief that customers deserve fashion and style of great quality for any and every moment in life. We will leverage our resources and best-in-class industry talent to grow our brands further.”
The move to secure the JCPenney brand is one that officials say will offer long-term stability.
In St. Lawrence County, JCPenney operates one store at the former St. Lawrence Centre Mall in Massena.
The location has since been rebranded the St. Lawrence Centre Industrial Complex, however JCPenney patrons are still able to shop at the location.
There is no word on the future of the store at the Massena location, however JCPenney has been a staple of the town for over 30 years.
Catalyst Brands has now brought JCPenney into the fold with existing brands such as Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand and Nautica, a move they way will include 1,800 store locations, 60,000 employees and $1 billion in liquidity. Catalyst brands officials say the portfolio boasts over $9 billion in revenue, officials said.
In the press release, Catalyst Brands officials commented that they had sold U.S. Operations of Reebok and are currently exploring strategic options for the operations of Forever 21.
At the time of the merger, JCPenney was operating 650 stores in the United States and Puerto Rico, employing over 50,000 associates.
Rosen said Catalyst Brands is focused on deepening relations with the more than 60 million customers the brand currently has.
“Our relationships with more than 60 million customers and the deep data we have create a compelling consumer value proposition across our brands. We can design a more personalized shopping experience, offer unified loyalty and credit card programs, and ultimately, cross-sell more effectively. That’s one example of the many benefits we’ll see in this combination,” he said.
Rosen said the company now has a clean balance sheet and "is in a great position to move forward."
JCPenney celebrated 120 years of operation in 2022, just two years after they filed for bankruptcy protection at the height of the COVID pandemic in 2020.
The chain was later purchased by Simon Property Group and real estate developer Brookfield for $1.75 billion, pulling the company out of Chapter 11 status.
Catalyst Brands is headquartered at the current corporate location of JCPenney in Plano, Texas with offices in New York, Los Angeles and Seattle.