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.