Wall Street Journal: After Partnering with King of Prussia Mall Owner to Buy JCPenney and Forever 21, Authentic Brands Group Plans to Go Public
After partnering with Simon Property Group, owner of King of Prussia Mall, to buy JCPenney and Forever 21, along with several other downtrodden retail brands, Authentic Brands Group plans to go public, writes Suzanne Kapner for The Wall Street Journal.
The acquisition makes Authentic Brands—which posted a net income of $225 million last year on total revenue of $489 million—one of the biggest physical store operators in the country at a time when shopping continues to shift online.
However, its preliminary prospectus filed with the Securities and Exchange Commission does not set an initial public offering price and also does not place a valuation on the business. But it does say that Authentic Brands plans to sell $100 million worth of stock.
The company will trade on the New York Stock Exchange under the symbol AUTH.
In addition to owning several brands with Authentic Brands, Simon Property Group is also one of the company’s largest shareholders, along with BlackRock, Leonard Green & Partners, Lion Capital, General Atlantic, and its founder, Jamie Salter.
Read more about Authentic Brands Group in The Wall Street Journal.
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