More than 100 JCPenney stores across the U.S. are set to be purchased by a private equity firm for nearly $1 billion.
Five years after the retailer filed for bankruptcy, Copper Property CTL Pass Through Trust announced the all-cash sale of 119 JCPenney properties in a press release July 25. The offer was made by an affiliate of Onyx Partners, Ltd, a private equity firm based in Boston, Massachusetts.
The $947 million transaction is set to close on or before September 8, 2025.
A total of 119 of JCPenney’s nearly 650 stores are part of the sale, including 21 in Texas, 19 in California, six in Florida, and six in Michigan. The full list of stores can be found here.
While these stores are still operating as usual, it’s unclear if they will remain open once the sale is completed in September. The Independent has contacted JCPenney for comment.
The sale comes as multiple JCPenney stores across the country have been closing, with seven stores shutting their doors in May. JCPenney previously said the closures were “unrelated to” the brand’s recent merger with the the company agreed with lenders to reduce its billions of dollars of debt and explore sale options.
“We look forward to emerging from both Chapter 11 and this pandemic as a stronger retailer, continuing to implement our Plan for Renewal, and building capabilities focused on satisfying customers’ wants and needs,” Jill Soltau, former chief executive officer of JCPenney, said in a statement at the time.
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