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

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.

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

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.

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,