Owners of JCPenney make offer to buy Kohl’s

(WKBN) – The group that now owns JCPenney is looking at buying one of its rivals.

The New York Post is reporting that Simon Property Group and Brookfield Asset Management want to buy Kohl’s. They are offering $8.6 billion.

The plan is to keep both brands separate while cutting Kohl’s’ costs by $1 billion.

Kohl’s has been under pressure from investors to sell.

It was just two years ago that the group bought JCPenney out of bankruptcy for $1.75 billion.