Amazon is doing well during this crisis, and looking to expand their portfolio with the possible acquisition of the JC Penny chain of stores.
Amazon is reportedly in talks with JCPenney, the debt-laden retailer that filed for bankruptcy protection last week. Trading in JCPenney stock was halted while Amazon stock moved up.
According to apparel industry trade publication Women's Wear Daily, Amazon has a team in Plano, Texas, where JCPenney is headquartered. The report cited an unnamed source saying there is a dialogue between the two companies.
The acquisition of JCPenney could potentially bolster the online retailer's burgeoning apparel business. It's also possible Amazon could be interested in acquiring some of the stores that JCPenney plans to sell and use them as distribution outlets.
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