119 JCPenney stores face uncertain future after sale

Daily Mail​

5 days ago

JCPenney, the 123-year-old department store chain, is selling 119 stores to a private equity firm. Profits from the $947 million sale to Onyx, set to close on September 8, will be used to pay off debts. The 119 stores are spread across 35 states and Puerto Rico — with Texas having the most affected locations. Scroll down for the full list. Their future remains uncertain, though for now they remain open. JCPenney filed for bankruptcy protection in 2020, during which it shut 30 percent of its locations to take the total to 650.
Earlier this year, it shut another seven stores — part of what experts say will be a wave of 15,000-store shutter this year. Major retail chains including Macy's, Party City, and Big Lots have cut stores in the past 18 months as shoppers shift online. JCPenney's decline accelerated during the pandemic but it had been the rise of online shopping that was the root of its problems. After filing for bankruptcy, its stores, warehouses and HQ were split across two companies. Mall owners Brookfield Asset Management and Simon Property Group took over the core JCPenney business and 490 of its stores. Copper Property, a trust formed by JCPenney lenders, took control of 160 stores and six distribution centers, including those in the 119-store sale. Beyond store closures, JCPenney is also cutting jobs by shutting down a warehouse in Texas, which employs around 300 people.
'The stores were sold as part of the bankruptcy agreement which stated real estate assets had to be sold off to help reimburse investors,' retail expert Neil Saunders of GlobalData told Daily Mail. In January, JCPenney announced it was merging with mall staples like Aéropostale, Brooks Brothers, and Eddie Bauer under a new umbrella called Catalyst Brands. The newly formed group is being led by JCPenney's former CEO Marc Rosen. Retail analysts told DailyMail.com they're cautiously optimistic about the future of the retailer. 'JCPenney is midway through a reinvention,' Saunders added. 'There are some signs of success, but they're patchy. The challenge is pulling them together to drive growth.' JCPenney rival Macy's is shutting 150 stores by 2026, leaving only 350 locations left. Last year it shut the first 66 stores this year, including its iconic 51-year-old Massapequa store. Torrid, a once-popular plus-size fashion chain abruptly closed up to 180 stores following a massive sales decline. Meanwhile, Forever 21 ended its 41-year run after filing for bankruptcy twice in five years.
JCPenney stores being sold
Arkansas: The Mall at Turtle Creek, Jonesboro Shackleford Crossing, Little Rock Arizona: Arrowhead Towne Center, Glendale Superstition Springs Mall, Mesa Yuma Palms Regional Center, Yuma Palm Valley Cornerstone, Goodyear. California: Solano Town Center, Fairfield Westfield Plaza Bonita, National City Glendale Galleria, Glendale Huntington Park CBD, Huntington ParK Westfield Santa Anita, Arcadia Plaza at West Covina, West Covina Galleria at Tyler, Riverside Westfield Palm Desert, Palm Desert Westfield North County, Escondido The Shops at Montebello, Montebello Valley Plaza, Bakersfield Antelope Valley Mall, Palmdale Arden Fair Mall, Sacramento Brea Mall, Brea Pacific View Mall, Ventura Northridge Fashion Center, Northridge Imperial Valley Mall, El Centro Victoria Gardens, Rancho Cucamonga The Orchard at Slatten Ranch, Antioch.
Colorado. Town Center at Aurora, Aurora First & Main Town Center, Colorado Springs Connecticut. The Shoppes at Buckland Hills, Manchester Westfarms Mall, Farmington Danbury Fair, Danbury Florida. Westfield Brandon, Brandon Westfield Countryside, Clearwater Westfield Broward, Plantation Pembroke Lakes Mall, Pembroke Pines The Mall at Wellington Green, Wellington Pier Park, Panama City Beach. Georgia. South Point S/C, Mcdonough Iowa. Coral Ridge Mall, Coralville Idaho. Boise Towne Square, Boise.
Michigan: Oakland Mall, Troy Lakeside Mall, Sterling Heights Twelve Oaks Mall, Novi Grand Traverse Mall, Traverse City Rivertown Crossings, Grandville Waterside Marketplace, Chesterfield Township Minnesota: Rosedale S/C, Roseville Missouri: Mid Rivers Mall, St Peters The Plaza at Shoal Creek, Kansas City Mississippi: Southaven Towne Center, Southhaven North Carolina: The Streets at Southpoint, Durham. New Hampshire: The Mall at Rockingham Park, Salem New Jersey: Rockaway Townsquare, Rockaway Woodbridge Center, Woodbridge Newport Centre, Jersey City Freehold Raceway Mall, Freehold New Mexico: Coronado Center, Albuquerque Cottonwood Mall, Albuquerque.
Nevada: Meadowood Mall, Reno Meadows Mall, Las Vegas Galleria at Sunset, Henderson New York: Gateway Shopping Center I & II, Brooklyn Staten Island Mall, Staten Island The Mall at Bay Plaza, Bronx Ohio: SouthPark Center, Strongsville The Mall at Tuttle Crossing, Dublin Polaris Fashion Place, Columbus The Shops at Fallen Timbers, Maumee Stone Creek Towne Center, Colerain Township Oklahoma: Center Owasso, Owasso Penn Square Mall, Oklahoma City Shops at Moore, Moore Oregon: Clackamas Town Center, Portland (Happy Valley) Pennsylvania: Westmoreland Mall, Greensburg The Mall at Robinson T/C, Pittsburgh High Pointe Commons, Harrisburg.
Puerto Rico: Mayaguez Mall, Mayaguez Plaza Centro, Caguas Tennessee: Wolfchase Galleria, Memphis Stones River Mall, Murfreesboro. Texas: Mall Del Norte, Laredo Golden Triangle Mall, Denton Midland Park Mall, Midland Killeen Mall, Killeen Valle Vista Mall, Harlingen Post Oak Mall, College Station New Braunfels T/C at Creekside, New Braunfels The Parks at Arlington, Arlington Lakeline Mall, Cedar Park First Colony Mall, Sugarland Deerbrook Mall, Humble Sunrise Mall, Brownsville Baybrook Mall, Friendswood Fairmont Center, Pasadena Southpark Meadows S/C, Austin Alliance Town Center, Fort Worth Waxahachie Towne Center Crossing, Waxahachie El Mercado Plaza, El Paso Sherman Town Center, Sherman Teas Crossing, Conroe The Shops at Stone Park, Houston.