Amazon Brand Rollup Thrasio Lures Away JC Penney's CFO: Bloomberg

April 1, 2021 12:54 PM | 1 min read | Make a Comment

Thrasio, a start-up company the rolls up popular Amazon.Com Inc AMZN marketplace brands, has usurped JC Penney Co Inc’s 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 SPG and Brookfield Asset Management Inc 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.