- - 119 JCPenney stores sold in nearly $1 billion deal. See list of locations.

Mike Snider and Sara Chernikoff, USA TODAYJuly 30, 2025 at 1:16 AM

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.

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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.

Boston private equity firm Onyx Partners has acquired a portfolio of 119 JCPenney across the U.S.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 TODAY.JCPenney 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 & @mikegsnider.bsky.social & @mikesnider & [email protected]

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This article originally appeared on USA TODAY: JCPenney portfolio of 119 stores sells for $947 million: See locations

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