$400 million: Sears buys JCPenney

Sears Holdings Corp. has agreed to buy JCPensney Corp. for $400.9 million.

Sears said the deal was not subject to regulatory approval and is subject to customary closing conditions.

JCPsney shares closed at $34.10 on Friday.

“The acquisition of JCP’s consumer apparel and accessories business will enhance Sears Holdings’ portfolio of brands and products in a dynamic, expanding business with extensive merchandising and online retail operations,” Sears Holdings CEO and chairman John Barrett said in a statement.

The deal would create a company with about 8,000 stores, according to a statement from the U.S. Securities and Exchange Commission.

Jepsen is based in New Jersey.

Kurt Nimmo, chief executive of Jepson, declined to comment.

CNBC’s Michael Pachter contributed to this report.