Following its 2020 bankruptcy, JCPenney has sold 119 stores throughout the country to a private equity firm.
Onyx Partners has purchased the locations for $947 million in cash.
JCPenny closed more than 200 stores amid its bankruptcy case.[/caption]
These stores will remain operational – at least for the time being.
“The real estate transaction announced yesterday represents a change in landlord but does not impact JCPenney store operations,” a JCPenney spokesperson said in a statement to KCRA 3.
“These 119 JCPenney stores will continue to operate and serve our loyal customers and communities,” the company continued.
The deal was announced by Copper Property CTL Pass Through Trust.
The trust was established as part of the 2020 bankruptcy case.
It was tasked with selling off 160 stores and six distribution centers to third-party buyers.
However, some insiders believe the cash deal was underwhelming.
Executives from the trust defended the price.
They argued that they spent a months-long process gathering bids from various interested parties, Retail Dive reports.
The sale to Onyx is expected to close around Sept. 8.
JCPenny, like other major retailers, has been struggling amid changing consumer habits and economic factors.
Here is a brief list of cities in which JCPenny has stores being sold.
Cities with JCPenny Stores for Sale
- Jonesboro, AR
- Glendale, AZ
- Fairfield, CA
- Bakersfield, CA
- Palmdale, CA
- Sacramento, CA
- Aurora, CO
- Colorado Springs, CO
- Danbury, CT
- Panama City Beach, FL
- Mcdonough, GA
- Coralville, IA
- Orland Park, IL
- Noblesville, IN
- Overland Park, KS
- Florence, KY
- Ashland, KY
- Baton Rouge, LA
- Baltimore, MD
- Grandville, MI
- Kansas City, MO
Check out the full list at USA Today.
MASS CLOSURES
The major retailer had closed more than 200 locations as it filed for bankruptcy during the covid pandemic.
Other familiar spots have been shutting down their stores as well.
Foot Locker is looking to close 400 stores in malls across the nation by 2026.
CVS plans to close more than 270 stores by the end of 2025.
The move is part of a multi-year plan to close 900 stores.
Meanwhile, Rite Aid also plans to shut down 700 locations.
“While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors,” Matt Schroeder, Rite Aid’s CEO, told CNN.
