Does JCPenney stores sale affect Indiana locations? How many stores are left in 2025? What we know
An affiliate of Onyx Partners, Ltd. will pay $947 million to own the department store locations.
Here's what we know:
Copper Property — a trust formed by JCPenney's lenders as part of the retailer's reorganization after its 2020 bankruptcy filing — has been seeking buyers through the property management company Newmark and Hilco Real Estate.
An affiliate of Onyx Partners, Ltd. — a Boston private equity firm — will pay $947 million for 119 JCPenney stores. Copper Property announced the all-cash sale on July 25.
A Sept. 8 closing of the deal is expected for the net-lease stores, which pay rent and operating expenses.
"The Buyer has now completed its due diligence, and its deposit under the Agreement is non-refundable," Copper Property Trust said in a news release on July 25.
Copper Property took control of about 160 JCPenney locations and six distribution centers after the bankruptcy filing. Simon Property Group and Brookfield Asset Management Inc. took over JCPenney operations and the remaining locations.
JCPenney recently announced seven store closures in February 2025 that officially shuttered in May 2025. The chain originally closed more than 200 U.S. locations when the retailer filed for bankruptcy amid the COVID-19 pandemic.
As for the 119 stores sold to Onyx Partners, all locations are currently operational. The company did not respond to a request for comment on possible store closures from USA TODAY.
JCPenney currently has about 650 stores. The department store chain was one of the largest retailers to file for Chapter 11 bankruptcy protection.
One Indiana JCPenney location was sold in the Onyx Partners deal:
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