In a $947 million all-cash deal, 119 JCPenney stores find a new home under Onyx Partners—shoppers rejoice as these locations will remain open. For $947 million in cash, 119 JCPenney locations are headed to a new home with Onyx Partners—customers are celebrating because the locations will not be closing.
JC Penney Just Received a Billion-Dollar Bailout—And Fans Are Gone Wild
Let’s be real—when JC Penney defaulted in 2020, all of us were like, “That’s it, the end of an era.” The smell of fresh laundry, the sheen of jewellery counters, and that retro salon way in the back? Bated breath. Wait though! This old-school American department store just pulled a serious comeback stunt.
In a brain-spinning, purse-emptying sale, Massachusetts-based private equity company Onyx Partners is acquiring 119 JCPenney stores for a brain-spinning $947 million—and here’s the twist: None of the stores will close. That’s right. No closed doors. No “everything must go” signs. Just good ol’ JC Penney doing what it does best—selling savings and style.
A Deal Five Years in the Making
It was five years ago that JC Penney hoisted the white flag and sought Chapter 11 bankruptcy protection. It came as a cold-blooded surprise, especially at the peak of the COVID-19 pandemic when the majority of retail behemoths were badly bruised. In the reorganization process, a firm called Copper Property CTL Pass Through Trust acquired about 160 JC Penney stores and warehouses.
Their objective? Buy new owners for the coveted real estate. Fast-forward to July 25, and mission accomplished.
Onyx Partners, Ltd., came riding in on a white retail horse, offering $947 million of hard, cold cash for 119 of said stores. Close date is Sept. 8, so mark your calendar—doesn’t happen often when a department store is reborn.
But wait—will these stores stay open?
Yes. Yes. And yes again.
All 119 participating sales stores are business as usual—no boarded-up windows or blacked-out windows. While Onyx Partners hasn’t commented on what they will do next (perhaps they’re the secretive type), no closing-out bargains or liquidation bazaars are evident. Business as usual, then, until such time, and consumers can revel in retail relief.
So if you’ve been staying away from the mall in anticipation that your beloved JCPenney will disappear, break out the purse and shop! Your beloved JC Penney isn’t disappearing.
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Where are these stores? Is there one nearby?
The JC Penney Retail Portfolio spans 35 states and comprises 16.05 million square feet of A-quality retail space, reports real estate firm Newmark. And for the math enthusiasts:
- 21 of them are in Texas
- 19 of them are in California
The rest are coast to coast—Pennsylvania to Florida, Ohio to Oregon.
An entire map and list are being compiled, but this is one thing for sure: this is not regional revival—it’s a national success for JC Penney enthusiasts.
Who’s at the wheel? Meet the buyer: Onyx partners
Onyx Partners might not be familiar, but it just cemented a home brand. Boston-area private equity clearly feels there’s value in retail brick and mortar. Though it’s been taken to new heights digitally, there are many Americans who prefer to go into a store, try on garments, and bring bags home (not to mention feeling those sale tables).
What Onyx does with the portfolio of JC Penney isn’t necessarily clear, but this isn’t a cash grab. This is a vote of confidence in the brand—and in Americans’ obsession with shopping at the mall.
What happens with the rest of the JCPenney stores?
While these 119 stores are in the process of being sold, there remain approximately 650 stores operating in the United States for JCPenney. The other properties that did not form a portion of this deal are still in the possession of Simon Property Group and Brookfield Asset Management, two real estate titans who were able to salvage J.C. Penney from impending bankruptcy earlier in 2020. Back in February, two additional stores (one in Florida as well as Pennsylvania) were sold off quietly for $21 million, but system-wide closures weren’t observed. Naturally, seven stores did close last year early in 2025, but they were the exception—not the rule.
Briefly: JC Penney isn’t shrinking. It’s gearing up—and this new pact is proof.
What does the money do?.
That $947 million figure? That’s JC Penney’s creditors, the people who weathered this with it difficult to do so. Subtract closing costs, and it’s $928 million to $932 million being disbursed, Copper Property Trust CFO Larry Finger estimates.
No, that money is not spent on more sales or recycling free kids’ haircuts (where’s the memory?). It pays the bills and keeps the brand on life support without the drag of built-up debt bringing it down.
What this means for shoppers
So what does all this corporate doublespeak amount to for ordinary consumers like you?
- Your favorite JC Penney might be keeping its head above water
- If it’s one of its 119 stores closing, don’t panic—it’s not broke.
- You might see some renovation
New ownership generally means new money. So don’t be shocked if your in-town store gets renovated or puts on some new perks.
The deals will keep coming
JC Penney’s a chain renown for its coupons, sales, and those fabled “doorbuster” offers. This promotion won’t stifle that at all—instead, it might fuel it. Mall culture makes a comeback
With the big players betting on in-store traffic again, the mall might just be hip again. Time to scramble for that food court reward card.
A return to remember
Come on, let’s be real: in a world where favorite brands are tomorrow’s trash bin trash from yesterday’s garbage, seeing JC Penney not only survive but thrive is a celebration worth uncorking the bottle of champagne.
It’s not all suits and makeup. It’s memories. Family memories. Graduation suits. Shopping for school. Homecoming dresses. That once-so-magical towel sale. JC Penney has filled so many lives for so many years, and now, with this buyout deal, it gets a second chance at life.
So the next time you’re at the mall, stop on by. Refer to the racks. Pick something from the shelf that you didn’t even know you wanted. And remember—you’re buying from a store that didn’t exactly make it but came back.
JC Penney isn’t just selling style—it’s selling determination.
