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JCPenney merges with Forever 21 parent company

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JCPenney announced a merger with Sparc Group, the parent company of Forever 21, Aeropostale and other brands.

The newly merged company is called Catalyst Brands.

Catalyst Brands also announced it has sold the U.S. operations of Reebok and is "exploring strategic options for the operations of Forever 21."

Read more from USA Today.

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