The department store chain is teaming up with the Sparc Group in an all-equity merger to form Catalyst Brands, the Wall Street Journal reported. The company will be led by Marc Rosen, who most recently served as the chief executive officer of JCPenney. It will be based in Plano, Texas, where JCPenney is headquartered.

Catalyst Brands combines SPARC Group's Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand, and Nautica with

JCPenney and SPARC Group today announced that they have combined to form a new organization, Catalyst Brands, creating an unmatched portfolio of six iconic retail banners that celebrate the essence of American style.