Volcom Owner ABG Keeps Busy During Downturn
Despite the coronavirus downturn, Volcom owner Authentic Brands Group is busy looking at several acquisitions, according to new reports.
ABG, which is led by former snowboard executive Jamie Salter, is reportedly looking at acquiring bankrupt J.C. Penney along with mall owners Simon Property Group and Brookfield Property Partners.
The three companies are also looking at menswear retailer Brooks Brothers, according to news reports.
Teaming with landlords to buy struggling retailers out of bankruptcy has become a familiar strategy for ABG.
Earlier this year, ABG, Simon, and Brookfield acquired Forever 21 out of bankruptcy. And, in 2016, ABG teamed with Simon and mall owner General Growth Properties to buy another bankrupt retailer, Aéropostale.
In all, ABG owns 50 brands, including Barneys New York, Vision Streetwear, Sports Illustrated and Nautica.