119 JCPenney stores sold in nearly $1 billion deal, including 6 in Florida
A Boston private equity firm will pay $947 million for 119 JCPenney stores, including six in Florida.
The all-cash sale of 119 JCPenney properties to an affiliate of Onyx Partners, Ltd. was announced by Copper Property CTL Pass Through Trust July 25. The transaction is scheduled to close on or before Sept. 8.
In February, JCPenney announced eight locations would be closed this year, adding to the list of more than 200 closures planned. No Florida stores were on the list.
Here's what to know.
Why is JCPenney closing stores?
JCPenney filed for Chapter 11 bankruptcy protection in May 2020. At the time, the company said it would close more than 200 locations across the country.
The chain was later acquired by Simon Property Group and Brookfield Asset Management Inc. in December 2020. In January 2025, JCPenney said it had partnered with Forever 21 to create a new company called Catalyst Brands.
The department store chain, which currently has about 650 stores, was one of the largest retailers to file for Chapter 11 bankruptcy protection.
Will the 119 JCPenney stores sold remain open?
All 119 stores — including six in Florida — that were sold are currently open for business.
The buyer, Onyx Partners, did not respond to a request for comment from USA TODAY.
Which JCPenney stores in Florida, US are being sold?
Map shows JCPenney stores sold in Florida
Among the 119 stores sold were six in Florida, located in:
Brandon
Clearwater
Panama City Beach
Pembroke Pines
Plantation
Wellington
How many JCPenney stores are left in Florida?
According to JCPenney's website, there are 44 stores open in Florida in the following cities:
Altamonte Springs
Aventura
Boynton Beach
Brandon
Clearwater
Clermont
Coral Springs
Davenport
Daytona Beach
Fort Myers
Gainesville
Hialeah
Jacksonville
Jensen Beach
Kissimmee
Lake City
Lakeland
Melbourne
Merritt Island
Miami - 3
Naples
Ocala
Ocoee
Orange Park
Orlando
Panama City
Panama City Beach
Pembroke Pines
Pensacola
Plantation
Pompano Beach
Port Charlotte
St. Petersburg
Sanford
Sarasota
Spring Hill
Tallahassee
Tampa - 2
Vero Beach
Wellington
What is Copper Property CTL?
Copper Property CTL Pass Through Trust was established to acquire 160 retail properties and six warehouse distribution centers from JCPenney as part of its Chapter 11 plan of reorganization.
Contributing: Mike Snider, Sara Chernikoff, USA Today
This article originally appeared on Palm Beach Post: JCPenney sells 119 stores for $947 million. See Florida, US locations
Solve the daily Crossword
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
Valaris Limited (VAL): A Bull Case Theory
We came across a bullish thesis on Valaris Limited on Valueinvesting subreddit by Rich_Okra5720. In this article, we will summarize the bulls' thesis on VAL. Valaris Limited's share was trading at $48.69 as of July 30th. VAL's trailing and forward P/E were 11.48 and 13.79 respectively according to Yahoo Finance. A large oil drilling platform in the ocean, surrounded by turbulent waters. Valaris (VAL), the world's largest operator of high-spec offshore drilling rigs, is a deep-value play hiding in plain sight. After emerging from Chapter 11 in 2021, the company now controls a highly strategic asset base of twelve seventh-generation drillships, five semi-subs, and over thirty modern jack-ups—irreplaceable rigs that would cost over $25 billion to build today, yet trade at just ~15% of replacement cost. With offshore dayrates back to ~$500k and no new drillships expected before 2028 due to a decimated supply pipeline, the setup for existing players is highly favorable. Offshore drilling is resurging as shale output flattens, and major oil companies are ramping up long-cycle projects in Brazil, Guyana, and the Gulf of Mexico, where offshore production costs now rival or beat shale at $30–$50 per barrel. Valaris is positioned to capture this demand surge with an industry-leading fleet and a cleaned-up balance sheet—net debt is just $800 million against a $4.1 billion backlog. If dayrates return to prior peaks of $700k+, annual free cash flow could exceed $2 billion, against a current EV of only $3.9 billion. Activist investor Mohnish Pabrai took a material stake in Q1 2025, likely attracted by the company's asset backing, earnings torque, and capital discipline. Near-term catalysts include easing FPSO bottlenecks, tightening rig availability, and potential short squeezes with 14% of shares sold short. Risks remain—oil below $55, safety incidents, or future overbuilding—but current valuations offer a compelling margin of safety. With tight supply and disciplined capital allocation, Valaris could plausibly triple from here. Previously we covered a bullish thesis on Valaris Limited by Alpha Ark in February 2025, which highlighted the company's dominant fleet, improving balance sheet, and rising offshore dayrates. The company's stock has appreciated approximately 6% since our coverage as the offshore recovery gained traction. Rich_Okra5720 shares a similar view but emphasizes cash flow torque and replacement-cost disconnect. Valaris Limited is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held VAL at the end of the first quarter which was 49 in the previous quarter. While we acknowledge the potential of VAL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None.
Miami Herald
2 hours ago
- Miami Herald
Fast-food chain franchisee closes, files Chapter 11 bankruptcy
Fast-food franchisees have battled economic challenges over the last three years, which have led certain chain operators to close restaurant locations and, in some cases, file for bankruptcy. Rising costs of operating driven by inflation, such as labor and food, are the top reason many franchisees have faced distress. Other common financial issues blamed for distress include fierce competition among dining chains and consumer reluctance to spend in uncertain times. Restaurant operators reporting higher annual sales in May 2025: 52%.Restaurant operators reporting higher annual sales in June 2025: 49%.Restaurant operators reporting sales decline in May 2025: 38%.Restaurant operators reporting sales decline in June 2025: 41%. Red flags were raised in June 2025, as 49% of restaurant operators reported a rise in same-store sales between June 2024 and June 2025, which was down from 52% reporting higher sales in May 2025, according to the National Restaurant Association. Related: Famous gunmaker files for Chapter 11 bankruptcy, closes As for restaurants reporting sales declines, more reported declines in June, with 41% reporting decreased sales, than in May, with 38% reporting declines. Former Panera Bread franchisee EYM Cafe of Texas LLC filed for Chapter 11 bankruptcy protection on Aug. 2 after it lost control of its 15 Houston-area Panera franchises in a court judgment. EYM Cafe of Texas listed up to $50,000 in assets and $10 million to $50 million in debts in its petition filed in the U.S. Bankruptcy Court for the Eastern District of Missouri. The Irving, Texas-based debtor's largest creditors include the Internal Revenue Service, owed over $904,000, and the Texas Comptroller of Public Accounts, owed over $124,000. Panera LLC on May 23, 2025, filed a lawsuit against EYM Cafe of Texas in the U.S. District Court for the Eastern District of Missouri for unauthorized operation of several Panera locations in Texas and unapproved use of its trademarks. EYM Cafe's franchise agreements had been terminated in March and May 2025 due to payment defaults, food safety violations, and brand standard breaches, according to Related: Major mattress retailer files Chapter 7 bankruptcy, closes stores A federal judge ruled in favor of Panera on June 17, issuing a permanent injunction and ordering EYM Cafe of Texas to stop operating under the Panera brand and remove all references to the restaurant brand's intellectual property by Aug. 21, QSR reported. The judge's ruling also imposed a two-year non-compete clause barring EYM owner Eduardo Diaz from owning or advising any competing dining business within five miles of a Panera location. Diaz has a history of fighting lawsuits and filing for bankruptcy on behalf of his companies' other fast-food restaurant franchises. EYM Pizza, which at one time operated 142 Pizza Hut locations in Texas, Wisconsin, Ohio, and Indiana, filed for Chapter 11 bankruptcy protection in the Eastern District of Texas on July 22, 2024. More bankruptcy Major iconic food brand files for Chapter 11 bankruptcyPopular Dairy Queen rival franchisee files Chapter 11 bankruptcyPopular vision care chain files for Chapter 11 bankruptcy The debtor sold 77 Pizza Hut locations and closed 65 locations it could not sell in the bankruptcy case. The franchisee had also been sued by Pizza Hut after it allegedly stopped paying franchise royalties when a forbearance period ended. EYM Cafe of Texas King. Diaz's KFC franchisee EYM Chicken closed 25 of its 47 locations in 2024, and his EYM Chicken of Indiana LLC entity filed for Chapter 11 protection in the Court for the Eastern District of Texas on June 14, 2025. Another Diaz franchisee, EYM King, was ordered to close 26 Michigan Burger King locations in March 2023 after the Burger King Corp. terminated EYM's franchise agreement, according to Restaurant Business at the time. Burger King had filed a lawsuit against EYM King in February 2023 seeking payment of unpaid royalties, advertisement payments, and other charges. Don't miss the move: Subscribe to TheStreet's free daily newsletter The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
USA Today
3 hours ago
- USA Today
At Home closing more stores after bankruptcy filing. See the updated list.
The home goods retailer At Home is closing an additional six stores across the country, bringing its total closure tally to more than two dozen as it grapples with high debt and dwindling sales. The furniture and home decor retailer based in Coppell, Texas, filed for Chapter 11 bankruptcy on June 16, pointing to "broader economic and retail-specific market pressures," in court documents. The bankruptcy filing and store closures follow several other "big box" retailers that have also significantly downsized their brick-and-mortar footprints this year, including Big Lots, Joann Fabrics, Kohl's, JCPenney, Macy's, and Party City. The retailer intially announced 26 store closures in June, before paring that down to 24 when it decided to keep open two stores in New Jersey and Wisconsin. The company added another six stores to the list, according to a statement by retail firm Hilco Consumer-Retail on Aug. 1, bringing the current number of stores it will shutter in the coming months to 30. The company employed about 7,170 employees when it filed for bankruptcy protection. Which At Home stores are closing? The following stores will close by Sept. 30 of this year, according to Hilco Consumer-Retail, which was retained to manage At Home's store closings: The following six stores joined the list in August, and are hosting liquidation sales. Which At Home locations are staying open? The following stores in New Jersey and Wisconsin, which were initially slated for closure, will now remain open: Why did At Home file for bankruptcy? Court documents said that rising interest rates, "persistent inflation," and a growing concern over unsustainable customs costs resulting from increased tariffs led At Home to file for bankruptcy. As a result, At Home has already closed six stores over the past year. "Given the expenses associated with brick-and-mortar operation and the issues affecting the retail industry, a number of the (At Home) remaining stores are operating at sub-optimal performance levels," court documents revealed. As part of the bankruptcy filing, ownership of At Home will be transferred to a group of hedge funds and investment firms based in New York City and San Francisco, as outlined in a news release. Contributing: Sara Chernikoff, USA TODAY. Kathryn Palmer is a national trending news reporter for USA TODAY. You can reach her at kapalmer@ and on X @KathrynPlmr.
