Benzinga | Apr 1, 2021 12:54PM EDT

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

* Thrasio, a start-up company the rolls up popular Amazon.Com Inc (NASDAQ: AMZN) marketplace brands, has usurped JC Penney Co Inc's (OTC: 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 (NYSE: SPG) and Brookfield Asset Management Inc (NYSE: 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.