Image Credit: Phillip Pessar from Miami, USA / CC BY
According Ben Mahaney at SmarterAnalyst.com, Amazon is interested in buying up recently-bankrupt J.C. Penney Co. Inc., in a deal that will bolster Amazon's apparel business.
Since the start of the pandemic, it appears as though Amazon has used the resulting economic crisis as a mergers and acquisitions opportunity. Earlier this year, rumors swirled that the retail giant was also in talks to buy out debt-strapped AMC, the most popular movie theatre operator in the country.
But don't expect things to go back to normal if Amazon does buy J.C. Penney. According to Chris Isidore of CNN Business, JCPenney will close nearly 30% of its 846 stores as part of its bankruptcy agreement.
Time will tell how many of JC Penney's 85,000 employees will lose their jobs.