Latest news with #JCPenney
Yahoo
24 minutes ago
- Business
- Yahoo
119 JCPenney stores sold in nearly $1 billion deal. See list of locations.
About five years after JCPenney filed for bankruptcy, a Boston private equity firm will pay $947 million for 119 JCPenney stores. The all-cash sale of 119 JCPenney properties to an affiliate of Onyx Partners, Ltd. was announced by Copper Property CTL Pass Through Trust on July 25. The companies expect a Sept. 8 closing of the deal for the net-lease stores, which pay rent and operating expenses. Property management company Newmark and Hilco Real Estate had been seeking buyers for these JCPenney locations for Copper Property, a trust formed by JCPenney's lenders as part of the retailer's reorganization after its 2020 bankruptcy filing. "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. Home Depot: The famous giant Skelly goes high tech in retailer's 2025 Halloween line Following JCPenney's bankruptcy, Copper Property took control of about 160 JCPenney locations and six distribution centers. Simon Property Group and Brookfield Asset Management Inc. took over JCPenney operations and the remaining locations. The department store chain, which currently has about 650 stores, was one of the largest retailers to file for Chapter 11 bankruptcy protection. The money from the transaction will go to JCPenney creditors. After closing costs, between $928 million and $932 million will be distributed, principal financial officer Larry Finger said on July 28 during a conference call discussing the transaction. JCPenney stores sold: Will all remain open? All 119 stores that were sold are currently operational. The buyer, Onyx Partners, did not respond to a request for comment from USA closed more than 200 U.S. locations when the retailer filed for bankruptcy amid the COVID-19 pandemic. More recently, seven store closings announced in February 2025 became official in May 2025. Which JCPenney stores are being sold? See map, list Newmark had told prospective buyers its JCPenney Retail Portfolio comprised 121 properties totaling 16.05 million square feet of retail space across 35 states, including 21 in Texas and 19 in California. Two properties – one in Florida and one in Pennsylvania, according to a Securities and Exchange Commission filing – were sold to the Simon and Brookfield group for $21 million earlier this year. Mike Snider is a national trending news reporter for USA TODAY. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day This article originally appeared on USA TODAY: JCPenney portfolio of 119 stores sells for $947 million: See locations Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
an hour ago
- Business
- Newsweek
119 JCPenney Stores Sold in Nearly $1-Billion Deal: What To Know
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.
USA Today
13 hours ago
- Business
- USA Today
119 JCPenney stores sold in nearly $1 billion deal. See list of locations.
About five years after JCPenney filed for bankruptcy, a Boston private equity firm will pay $947 million for 119 JCPenney stores. The all-cash sale of 119 JCPenney properties to an affiliate of Onyx Partners, Ltd. was announced by Copper Property CTL Pass Through Trust on July 25. The companies expect a Sept. 8 closing of the deal for the net-lease stores, which pay rent and operating expenses. Property management company Newmark and Hilco Real Estate had been seeking buyers for these JCPenney locations for Copper Property, a trust formed by JCPenney's lenders as part of the retailer's reorganization after its 2020 bankruptcy filing. "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. Home Depot: The famous giant Skelly goes high tech in retailer's 2025 Halloween line Following JCPenney's bankruptcy, Copper Property took control of about 160 JCPenney locations and six distribution centers. Simon Property Group and Brookfield Asset Management Inc. took over JCPenney operations and the remaining locations. The department store chain, which currently has about 650 stores, was one of the largest retailers to file for Chapter 11 bankruptcy protection. The money from the transaction will go to JCPenney creditors. After closing costs, between $928 million and $932 million will be distributed, principal financial officer Larry Finger said on July 28 during a conference call discussing the transaction. JCPenney stores sold: Will all remain open? All 119 stores that were sold are currently operational. The buyer, Onyx Partners, did not respond to a request for comment from USA closed more than 200 U.S. locations when the retailer filed for bankruptcy amid the COVID-19 pandemic. More recently, seven store closings announced in February 2025 became official in May 2025. Which JCPenney stores are being sold? See map, list Newmark had told prospective buyers its JCPenney Retail Portfolio comprised 121 properties totaling 16.05 million square feet of retail space across 35 states, including 21 in Texas and 19 in California. Two properties – one in Florida and one in Pennsylvania, according to a Securities and Exchange Commission filing – were sold to the Simon and Brookfield group for $21 million earlier this year. Mike Snider is a national trending news reporter for USA TODAY. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day
Refinery29
7 days ago
- Entertainment
- Refinery29
I'm in My '90s Grunge Era. Here's How I Achieve the Look & Lifestyle
Growing up, my parents used to play these 1990s pop rock and synth pop records in both English and Spanish. My mom had big curly hair and wore low-rise jeans, and my dad was always in band tees. They didn't think much of it. They were just living their interests out loud. But I watched and soaked it all in. I didn't know it then, but I was starting to build my own '90s grunge aesthetic — one layered with lace, chunky shoes, denim skirts, and that gritty, dreamy feeling I chase now in both my music and fashion. Looking back, I see how '90s nostalgia has quietly guided my style. It's a language I use to grow and express myself. Now, whenever I pull out my digital camera or wear lace-up Pumas, my mom laughs and says, 'Why are you acting like us? We wanted to move on from that!' She'll tell me how badly they wanted sleek phones and sharp cameras, and here I am, obsessed with blurry flash and low-res aesthetics. But for me, there's something really magnetic about that era: the colors, the textures, the sounds, the visual and sonic landscape of it all. I didn't set out to build a '90s-inspired collection with JCPenney, but it manifested itself that way because it lives within me. Not just the look, but the feeling. That's what my collection is about. ' "I didn't set out to build a '90s-inspired collection with JCPenney, but it manifested itself that way because it lives within me. Not just the look, but the feeling. That's what my collection is about." joaquina ' Creating my first-ever clothing collaboration with JCPenney has been an over-the-moon experience. From the start, I knew what it had to feel like. It had to reflect how I actually live. I spend hours writing in the studio, so everything had to be wearable and real: long jorts, denim skirts with chains, graphic tees, and zip-up hoodies that say 'ingenua realista.' Pieces that make you pause and think, 'Hey, there's a photo of my mom wearing something like this back in '95,' but that still feel practical in 2025. That balance means everything to me. Nostalgia in my style is like carrying little pieces of my past that still speak to me today. My style has become a way to hold onto those moments and memories that shape who I am now. I always describe my style as soft '90s grunge. It's sharp, but delicate, a little ballet, and a little edgy. I love layering: mesh under shirts, socks over tights, leg warmers with flats. I'll wear a jean skirt over pants, a long lace skirt with boots, or a tee over a long sleeve. You'll see lightning bolts everywhere, my subtle but powerful icon. I want to feel like the main character, but also be comfy sitting cross-legged on a studio couch for six hours — still fully myself. ' "This collection feels like a collage of everything that made me: music, movement, memory, softness, edge. It's full of nostalgia, but it doesn't live in the past. It brings those moments forward, rewears them, and rewrites them." joaquina ' And beneath that all, there's my culture, my roots. I moved from Venezuela to the U.S. when I was a kid, and even if it's not always obvious in the clothes, it's there. It's in the Spanish words printed on the shirts, in the warmth and ease I try to bring to my style. It's who I am. When you own the vibe, es pura energia. This collection feels like a collage of everything that made me: music, movement, memory, softness, edge. It's full of nostalgia, but it doesn't live in the past. It brings those moments forward, rewears them, and rewrites them. If you want to channel the look and lifestyle, here are five ways you can step into your own nostalgic '90s grunge era. You're your best reference. Your style has to be a conversation with yourself. Don't be afraid to reference yourself. The best outfits nod to past versions of you that have stuck with you and use pieces that have always felt like they tell your story. That's why nostalgiacore feels so accessible, because we all have a story to tell. Anyone embracing this aesthetic also has to be bold and unapologetic. Don't shy away from standing out and appearing eccentric, and make sure to always have fun with what you wear. But at the same time, keep things uncomplicated. Focus on feeling comfortable and authentic in your clothes, not just about looking a certain way. Layer your nostalgia. I always end up mixing things: textures, moods, layers. It's how I build my looks. Mesh is one of my favorite layering materials, especially under skirts, dresses, and tees. If you're stepping into this era with me, I'd start with the lace sets — they're my personal go-to. The long blue lace skirt with the matching top from my collection is one of my favorites because it's so easy to layer but still feels really special. I wear the dress version with boots when I want to feel a little tougher, or flats when I want to keep it sweet. Some of the pieces in the collection already have built-in layers, because that's how I'd normally wear them, but if you're digging through your own closet, try imagining what would work as a layer to add some texture or nostalgia. It's that hidden narrative that brings any look together. Mix your metals. The '90s never shied away from accessories, and I've definitely taken that to heart. I love stacking chunky rings; it's such an easy way to bring that throwback energy into a look. Silver or gold hoops are always a go-to, and statement earrings add that little extra something. Lightning bolts have kind of become my signature, but I love the idea of people finding their own symbol to wear on repeat. You might even feel inspired to visit your piercer and add a few more ear piercings so you can stack and play. Metal details, whether it's jewelry or chains, give any outfit an edge. I've been wearing the pleated denim skirt from the collection consistently and clipping a metal chain to it, which honestly feels like the most '90s thing ever. Red liner, polish, dye — everything. View this post on Instagram A post shared by joaquina (@joaquina) Everyone knows I can't go anywhere without my red eyeliner. It's another one of my signature details and it adds this intensity that instantly makes my eyes pop. I wear it everywhere, always. When it comes to hair, I like to switch it up but always with a nod to the '90s. That era was so fun because people really leaned into their natural texture while still experimenting with playful, easy styles: space buns, tiny braids, wispy bangs. Personally, I keep my hair long and natural most days. It feels true to the laid-back side of nostalgiacore. But if you're feeling adventurous, go for layers, soft colors like pink or silver, or even chop it into a shaggy cut. There's something really freeing about embracing your natural texture and still finding ways to make it feel expressive. You can also add little touches like a lace headband or clip silver hoops into your braids. And of course … red nails, always. Live like it's 1995 (in 2025). It's really valuable right now to live a little more like we did in the '90s, a little less connected in the best way. Get your friends together for a movie night or a picnic, pull out books, journals, paint, or old magazines. Make collages, write poems, paint something just for fun. Bring your digital cameras or Polaroids and start collecting the memories you'll be nostalgic for 20 years from now. One thing we can definitely take from the past is how present people used to be with each other. In your personal space, surround yourself with the things that keep you creatively grounded — your journals, your favorite books, old photos, manifestation boards. Let your style and your space reflect the life you're living, the memories you've made, and the ones you're excited to create.
Yahoo
18-07-2025
- Business
- Yahoo
Trump's Trade War Could Kill Lesotho's Garment Industry
The tiny southern African nation of Lesotho is watching the days pass with a growing sense of despair—and desperation. As the White House's 'Liberation Day' tariff deadline of Aug. 1 creeps closer with no sign of a deal for the country President Donald Trump once said 'nobody has ever heard of,' nor the renewal of a critical trade program that has boosted economic development on the Sub-Saharan continent for a quarter of a century, the outlook for Lesotho is nothing short of bleak. More from Sourcing Journal Canada, Losing Confidence in US Trade Deal, Cozies Up to Mexico Trump Touts Trade Truce With Indonesia, Indicates India Might Not Be Far Behind Is Amazon's Third-Party Marketplace Stoking Worker Exploitation? A follow-through of the so-called 'reciprocal' rate of 50 percent—the highest faced by any country outside of China—could also be the undoing of its garment industry, which contributed more than half of Lesotho's nearly $1 billion in annual exports in 2024 and underpins roughly 20 percent of its gross domestic product. Some 75 percent of the clothing it makes for brands such as JCPenney, Levi Strauss & Co., Reebok, The Children's Place and Wrangler owner Kontoor Brands are earmarked for the United States. Denim and activewear are big categories. Some Trump-branded Greg Norman golf shirts are made in Lesotho, too. The rumblings of a potential exodus by American buyers are already being keenly felt. Orders started evaporating in April, when the initial tariffs were announced, and a significant fraction of Lesotho's 30,000 mostly female garment workers were furloughed or laid off beginning in June. With unemployment standing at 30 percent—or nearly 50 percent for young people—Nthomeng Majara, the country's deputy prime minister, said a 'state of disaster' would be in force until June 2027, allowing it to 'take all necessary steps' to unlock funds to spur job creation in other sectors. If the African Growth and Opportunity Act, or AGOA, isn't renewed in September, the entire garment industry could cease to exist, the government has said. It doesn't help that U.S. foreign aid cuts have 'crippled industries that previously sustained thousands of jobs,' as Prime Minister Samuel Matekane said on TV last month. Nor does it that until March, Lesotho was under an eight-month state of disaster because of acute food insecurity. 'There's a lot of uncertainty,' said Scott Nova, executive director of the Worker Rights Consortium, a labor rights watchdog in Washington, D.C. 'Lesotho and other garment exporters are facing the prospect of tariff rates that were unthinkable six months ago and in many cases look unsurvivable.' What made Lesotho attractive for brands was its low production costs, coupled with tariff-free trade under AGOA. The concern, he added, is that the Trump administration has been unwilling to pay attention to the matter, at least to the 'degree that action will happen,' despite AGOA previously enjoying bipartisan support in Congress. While economists have questioned its formula, the White House claims that Lesotho imposes 99 percent in tariffs and other trade barriers on the United States, creating a $234.5 million trade deficit in 2025. As far as Nova is concerned, that's a rounding error. 'Is there anything Lesotho could particularly do to fix the trade deficit?' he asked. 'They're selling two things: diamonds and clothing, and they're not going to buy an equivalent amount of diamonds from the U.S, right? That's not an option. And blue jeans—basic blue jeans, even higher-end blue jeans—are not coming back to the U.S. for production. And since they're not, there really isn't any beneficiary of high tariffs. Nobody wins.' Of the brands that were contacted about changes in their sourcing strategy, only Levi's responded to say that its plans have remained 'unchanged.' The denim giant is a prominent client of Nien Hsing Textile Group, a major employer that shuttered several of its subsidiaries, including Glory International, Nien Hsing International and C&Y Garments, in 2023 due to what it said was a lack of demand for its products on the international market, especially in the United States. Two years before that, the Covid-19 fallout and 'other market forces' led to mass retrenchments. A spokesman from Nien Hsing Textile Group said that Nien Hsing Lesotho has orders until the first quarter of 2026, though he would not say if there have been or will be further layoffs. Other factories are less lucky. Facilities employing thousands of people, such as Precious Garments, Tzicc Clothing Manufactures and Maseru-E Textiles, haven't fielded orders since the tariff was originally announced, said Solong Senohe, secretary-general at the United Textile Employees Union, or UNITE, which has been negotiating worker settlements with various owners. Precious Garments, he said, has started rotating employees on shifts that have them working just two weeks out of each month. Many of UNITE's members, however, have been placed on 'short-term layoff' without pay until September, with a rapidly dwindling hope that they might be recalled in October if the tariff rate eases or if, by some miracle, AGOA is put back in play, returning it to equal footing with competitors like Ethiopia, Ghana and Kenya that are facing an additional 10 percent tax post-Aug. 1—no different than what every nation is grappling with now. Even South Africa's 30 percent figure looks like a bargain by comparison. Most of the workers whose livelihoods are now hanging by a thread don't know what they will do if they remain unemployed, Senohe said. They worry that when schools reopen later this month, they're not going to be able to afford the fees. Or worse, that they will lose the literal roof over their head because they can no longer afford rent. They will also have to contend with extreme deprivation in a country where half of its 2 million-strong population already lives below the poverty line. Even breaking into the far less-regulated informal sector would be difficult because 'it is already flooded,' he said. The garment industry's travails will extend into other sectors that rely on workers' patronage: transportation operators, say, or lunchtime vendors. When their savings run out, workers could find themselves resorting to the most dangerous jobs. Parents could be forced to traffic their children. 'The government's response is to opt to diversify export markets to the European Union or other African countries like South Africa,' Senohe said. 'But unfortunately, the process is not that easy; negotiations have to start now. And meanwhile, people are suffering.' Nova thinks that September will be a decision inflection point. No AGOA and a 50 percent duty on garments from Lesotho would also mean no garment industry in Lesotho, he said. Many of the support programs workers relied on, such as HIV and tuberculosis prevention, have already been pulled because of the gutting of the U.S. Agency for International Development. If conditions further deteriorate, 'every social ill that already exists in Lesotho will be massively magnified for this worker population,' he said, before adding, 'it'll be one of the worst things we've ever seen in the garment industry. There will be no place for people to go.' It was only in 2021 that Lesotho was the site of the first binding agreement to tackle gender-based violence and harassment in the fashion industry. The Worker Rights Consortium, the Solidarity Center, the Federation of Women Lawyers in Lesotho and UNITE were among a slew of organizations that helped broker a hard-won deal between Nien Hsing Textile Group, Levi's, The Children's Place and Kontoor Brands to create a worker-led program to eliminate sexual harassment and abuse across the then-four shop floors. The Lesotho Agreement to End Gender-Based Violence and Harassment would prove to be one of the templates for the Dindigul Agreement to Eliminate Gender-Based Violence and Harassment in India and the Central Java Agreement for Gender Justice in Indonesia. The fate of the program is now in the air because it's tied to that of the industry. Senohe said that factory owners were told by brands that their companies had 'no say in this' because the state of affairs was directed by the U.S. government and they cannot increase the prices of the products they buy. But these are people's lives that are at stake, he said. Surely brands should feel some kind of responsibility? He's unsure why this isn't the case. 'The buyers are not willing to pay the tariffs,' Senohe said. 'Even the 10 percent tariffs now they are not paying. The factories are doing it. The reason they are exporting from Lesotho is the cheap labor that gives them more profit. It is, unfortunately, how capitalism works. It sucks your blood and whatever to make profit and then, at the end of the day, it dumps you.' And come September, if nothing changes, mass firings will begin in earnest. Factories that depend on U.S. orders, too, will have no choice but to close. The implications of this are deep and sweeping. Even if part of the sector survives, it'll no longer be beholden to American brands' generally higher-road requirements, such as freedom of association, freedom from forced labor and freedom from gender-based violence and harassment. Instead, Lesotho may have to court markets—perhaps China—'where people don't care.' 'I think the worst scenario is going to be that people are going to cross the border into South Africa as illegal migrants,' Senohe said. 'There is a textile hub in the city of Newcastle in KwaZulu-Natal, where most of the people are illegal and you're harassed every day by the police. Some of them are going to go to the illegal mines in South Africa. If somebody comes up and says, 'I have work for you in South Africa,' they will go there. And then we don't know if we'll ever see them again.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
