More than 100 JCPenney stores across the U.S. are set to be purchased by a private equity firm for nearly $1 billion.
Five years after the retailer filed for bankruptcy, Copper Property CTL Pass Through Trust announced the all-cash sale of 119 JCPenney properties in a press release July 25. The offer was made by an affiliate of Onyx Partners, Ltd, a private equity firm based in Boston, Massachusetts.
The $947 million transaction is set to close on or before September 8, 2025.
A total of 119 of JCPenney’s nearly 650 stores are part of the sale, including 21 in Texas, 19 in California, six in Florida, and six in Michigan. The full list of stores can be found here.
However, even when the sale is completed in September, these stores will continue to be open.
“The real estate transaction announced yesterday represents a change in landlord but does not impact JCPenney store operations,” a representative for JCPenney told The Independent Wednesday. “These 119 JCPenney stores will continue to operate and serve our loyal customers and communities.”
The sale comes as multiple JCPenney stores across the country have been closing, with seven stores shutting their doors in May. JCPenney previously said the closures were “unrelated to” the brand’s recent merger with the SPARC Group, which formed Catalyst Brands, an organization of six major retailers.
In January, JCPenney confirmed its merger with SPARC Group, which owns Aéropostale, Brooks Brothers, Eddie Bauer, Lucky Brand, and Nautica, to create Catalyst Brands. Marc Rosen — formerly the chief executive officer of JCPenney, who became CEO of Catalyst Brands—said his “business brings together the rich heritage of six unique brands with modern energy and a new vision for success.”
“Together, we bring scale, expertise, and broad appeal to customers across America,” Rosen said in a statement at the time. “For us, customers are at the heart of what we do. We have a shared belief that customers deserve fashion and style of great quality for any and every moment in life. We will leverage our resources and best-in-class industry talent to grow our brands further.”
During the Covid-19 pandemic, JCPenney filed for Chapter 11 bankruptcy as the company agreed with lenders to reduce its billions of dollars of debt and explore sale options.
“We look forward to emerging from both Chapter 11 and this pandemic as a stronger retailer, continuing to implement our Plan for Renewal, and building capabilities focused on satisfying customers’ wants and needs,” Jill Soltau, former chief executive officer of JCPenney, said in a statement at the time.
