119 JCPenney Stores Sold in Nearly $1-Billion Deal: What To Know

Newsweek

30-07-2025

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
A total of 119 JCPenney stores across the United States are being sold for nearly $1 billion to a Boston-based private equity firm, nearly five years after the retailer filed for bankruptcy.
The properties are being sold to an affiliate of Onyx Partners for $947 million, with the deal expected to close by September 8.
Newsweek contacted JCPenney, Onyx Partners and Copper Property CTL Pass Through Trust for comment by email outside of regular working hours.
A JCPenney department store in Cupertino, California, in 2013.
A JCPenney department store in Cupertino, California, in 2013.
Paul Sakuma/AP
Why It Matters
The sale marks a significant juncture in JCPenney's ongoing restructuring efforts, and represents one of the largest sales of department store real estate in recent years.
The retailer's bankruptcy in 2020 was a major chapter in U.S. retail history, prompting sweeping changes to its operations and ownership.
What To Know
The all-cash sale was announced on July 25 by Copper Property CTL Pass Through Trust, which was established following JCPenney's 2020 bankruptcy to oversee the wind-down and sale of the company's real estate assets.
In a statement on Friday, Copper Property CTL Pass Through Trust said: "The buyer has now completed its due diligence, and its deposit under the agreement is non-refundable."
The announcement came after an "extensive marketing process" by the property management company Newmark, the trust said.
Newmark told prospective buyers that the portfolio on offer included 121 properties covering 16.05 million square feet of retail space, across 35 states. A total of 21 sites are located in Texas, and 19 are in California.
"The majority of the assets are strategically located in major metropolitan areas surrounding such cities as Austin, Miami, Houston, Los Angeles, and New York, with 50 percent of the assets in the portfolio located in high growth Sunbelt states," Newmark said on its website.
The 119 stores included in the deal are all net-leased properties, meaning JCPenney is responsible for rent and all operational expenses. All of the 119 stores currently remain open and operational, according to USA Today.
What People Are Saying
Neil Aaronson, principal executive officer of Copper Property CTL Pass Through Trust, said on a conference call, according to CoStar News: "This agreement is the result of an exhaustive marketing and sale process run by Newmark under Hilco's direction. Newmark received a substantial number of individual property offers, sub-portfolio offers, in addition to many portfolio offers.
"After a very thorough vetting of buyer capabilities and evaluation of their offers, Onyx clearly stood out as our preferred buyer based on their capability to close, their business strategy, and the offered purchase terms. Considering all factors, we believe we have achieved a very fair price for the portfolio."
What Happens Next
The deal is scheduled to close on or before September 8, 2025.
Copper Property CTL Pass Through Trust expects to distribute between $928 million and $932 million to creditors following the completion of the deal, principal financial officer Larry Finger said on a July 28 conference call, according to USA Today.