Sunday, November 17, 2024
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Authentic Brands

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Sparc Group Appoints New CEO of Reebok

by Katie Lee

New York City — Sparc Group, a full-service lifestyle brand operating company, has appointed Todd Krinsky as the new CEO of Reebok. Krinsky succeeds Matt O’Toole, who has been leading Reebok for over 15 years and will be joining Authentic Brands Group, owner of the Reebok brand, in 2023. Krinsky, a 30-year veteran at Reebok, has been a member of the brand’s senior leadership team for more than a decade. In his new role, Krinsky will lead the team in implementing Reebok’s growth strategy, which leans into the brand’s authentic …

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Newsretailers

Brookfield Property Group, Simon Property Group Agree to Acquire JCPenney for $1.75 Billion

by Katie Lee

Plano, Texas — Brookfield Property Group and Simon Property Group have agreed to acquire the retail and operating assets of J.C. Penney Co. for $1.75 billion at a bankruptcy auction. As part of the sale agreement, the three companies will form a property holding company (PropCos), which will include 161 of the J.C. Penney real estate assets and all of its owned distribution centers. The Plano, Texas-based retailer’s Ad Hoc Group of First Lien Lenders will own PropCos. J.C. Penney filed for Chapter 11 bankruptcy in mid-May and restructured 90% …

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