US Edition6 Michigan JCPenney Stores Among 119 Sold in Whopping Nearly $1 Billion Deal
TEXAS, UNITED STATES, JUL 29 – Onyx Partners acquires 119 operational JCPenney stores in an all-cash deal valued at $947 million as part of the retailer's post-bankruptcy reorganization.
- On July 25, the entity managing JCPenney’s real estate assets announced an all-cash agreement to sell 119 stores to an Onyx Partners, Ltd. affiliate for $947 million, with the transaction expected to close by September 8, 2025.
- Following JCPenney’s 2020 bankruptcy and restructuring, Copper Property assumed ownership of approximately 160 retail stores and six distribution centers, after an extensive sales campaign managed by Newmark.
- The portfolio includes net-leased properties spread across 35 states, with 21 stores in Texas and 19 in California, while six Florida stores will be sold but Pensacola's lone store will not be included.
- On a July 28 conference call, JCPenney CFO Larry Finger stated that after accounting for closing expenses, an amount in the range of $928 million to $932 million will be paid out to creditors, and that the buyer has finalized its non-refundable due diligence deposits.
- This sale marks a major step in JCPenney's continuing restructuring, maintaining all 119 stores as open and operational for now, but the future of these stores remains uncertain after the transfer.
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Total News Sources51
Leaning Left8Leaning Right2Center35Last UpdatedBias Distribution78% Center
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- 78% of the sources are Center
78% Center
L 18%
C 78%
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