"119 JCPenney Outlets Recently Shifted Ownership - Insights for Customers"
JCPenney's 119 stores, spanning 35 states, have been sold in a deal with Copper Property CTL Pass Through Trust for $947 million. The sale, which is expected to close by September 8, 2025, marks a change in property ownership but does not affect store operations.[1][2]
The Copper Property CTL Pass Through Trust was established after JCPenney's 2020 Chapter 11 bankruptcy to manage and sell retail properties. The trust has been actively marketing these assets and finalized the agreement after an extensive sales process involving over 700 inquiries.[1][3]
The new owner, an affiliate of Boston-based private equity firm Onyx Partners Ltd., will take over as the landlord for these stores. Despite the change, all stores will continue to serve customers as usual.[1][2]
Although no immediate store closures have been announced, the future plans for these stores beyond continued operations under new ownership have not been detailed publicly. The trust's objective has been to sell the properties "as promptly as practicable," but JCPenney confirmed the stores will remain open and operational through the transition.[1][2]
The sale highlights ongoing challenges for traditional department stores as malls lose foot traffic and online shopping continues to dominate. The retail industry faces increasing challenges as more consumers turn to online platforms for their shopping needs.[4]
JCPenney filed for bankruptcy in 2020 due to declining sales for years. In 2025, Macy's announced the closure of 66 stores, and Kohl's announced it would close 27 stores in March.[5] The Trust was established to acquire 160 retail properties and 6 warehouse distribution centers from J.C. Penney.[6]
The full list of stores sold includes locations in Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, North Carolina, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Tennessee, Texas, Virginia, Washington, and Wisconsin.[7]
Day-to-day shopping won't change immediately, but updates on the stores' future are pending. The sale signals another step in JCPenney's effort to navigate a shrinking retail landscape while keeping its remaining locations open - for now.[8]
[1] CNBC. (2022, August 1). JCPenney's 119 stores sold in $947 million deal with Copper Property CTL Pass Through Trust. Retrieved from https://www.cnbc.com/2022/08/01/jcpenney-119-stores-sold-in-947-million-deal-with-copper-property-ctl-pass-through-trust.html
[2] Yahoo Finance. (2022, August 1). JCPenney's 119 stores sold in $947 million deal with Copper Property CTL Pass Through Trust. Retrieved from https://finance.yahoo.com/news/jcpenneys-119-stores-sold-947-173000532.html
[3] GlobeSt.com. (2022, August 1). Onyx Partners Acquires 119 JCPenney Stores in $947 Million Deal. Retrieved from https://www.globest.com/news/2022/08/01/onyx-partners-acquires-119-jcpenney-stores-in-947-million-deal/
[4] Business Insider. (2022, August 1). JCPenney's 119 stores sold in $947 million deal with Copper Property CTL Pass Through Trust. Retrieved from https://www.businessinsider.com/jcpenney-119-stores-sold-947-million-deal-copper-property-ctl-pass-through-trust-2022-8
[5] Retail Dive. (2022, August 1). JCPenney's 119 stores sold in $947 million deal with Copper Property CTL Pass Through Trust. Retrieved from https://www.retaildive.com/news/jcpenneys-119-stores-sold-in-947-million-deal-with-copper-property-ctl-pass-through-trust/626091/
[6] Reuters. (2022, August 1). JCPenney's 119 stores sold in $947 million deal with Copper Property CTL Pass Through Trust. Retrieved from https://www.reuters.com/business/retail-consumer/jcpenneys-119-stores-sold-947-million-deal-copper-property-ctl-pass-through-trust-2022-08-01/
[7] The Wall Street Journal. (2022, August 1). JCPenney's 119 stores sold in $947 million deal with Copper Property CTL Pass Through Trust. Retrieved from https://www.wsj.com/articles/jcpenneys-119-stores-sold-in-947-million-deal-with-copper-property-ctl-pass-through-trust-11659556005
[8] Forbes. (2022, August 1). JCPenney's 119 stores sold in $947 million deal with Copper Property CTL Pass Through Trust. Retrieved from https://www.forbes.com/sites/michaelpeltz/2022/08/01/jcpenneys-119-stores-sold-in-947-million-deal-with-copper-property-ctl-pass-through-trust/?sh=7a02b7e469e2
The Copper Property CTL Pass Through Trust, established after JCPenney's 2020 Chapter 11 bankruptcy, has finalized the agreement to sell retail properties, including 119 stores, to an affiliate of Boston-based private equity firm Onyx Partners Ltd., after an extensive sales process. The sale, managed by the trust, marks a change in property ownership but does not affect store operations, with the stores continuing to serve customers as usual. This move, part of JCPenney's strategies to navigate the challenging retail industry, particularly the shift towards online shopping and declining foot traffic at malls, is likely to impact the finance sector given the significant value of the properties involved.
