- Thrasio, a start-up company the rolls up popular Amazon.Com Inc (NASDAQ: AMZN) marketplace brands, has usurped JC Penney Co Inc’s (OTC: JCPNQ) CFO Bill Wafford, who was appointed to salvage JC Penney’s lossmaking position, Bloomberg reports.
- The pandemic ravaged retailer had filed for Chapter 11 bankruptcy in May 2020.
- Mall owners Simon Property Group Inc (NYSE: SPG) and Brookfield Asset Management Inc (NYSE: BAM) acquired JCPenney’s retail operations to bail out one of its principal tenants. The new owners replaced Jill Soltau as the CEO in December.
- Thrasio aims to capitalize on Amazon’s e-commerce dominance by acquiring new sellers on its third-party marketplace.
- Thrasio also announced $100 million in new equity funding, reaching a total debt and equity level of $1.35 billion since December.
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