Sparc Group, the parent company of Forever 21 and Aéropostale, announced it merged with JCPenney to create a new company called Catalyst Brands.

Catalyst Brands has its headquarters within JCPenney’s corporate headquarters in Plano, TX. It also has offices in New York, Los Angeles, and Seattle. JCPenney has 50,000 employees, with over 650 stores in the U.S. and Puerto Rico. In 2022, the retailer celebrated its 120th Anniversary.

JCPenney is combining with the owner of fellow shopping mall staples Aéropostale and Lucky Brand after a merger of two brand portfolios in an all-equity transaction Wednesday.

JCPenney is merging with a company that owns several other retailers that have also struggled as malls have declined in popularity across the U.S. The 123-year-old department store chain and SPARC Group have combined to form Catalyst Brands,