Texas leads in $947M JCPenney store property sale; no closures announced

Nearly five years after JCPenney filed for bankruptcy, a Boston-based private equity firm is acquiring 119 of its store properties for $947 million. Texas leads all states in the transaction, with 21 properties included in the acquisition.

The all-cash deal, announced July 25, involves an affiliate of Onyx Partners, Ltd. purchasing the net-lease stores from Copper Property CTL Pass Through Trust. The sale is expected to close Sept. 8.

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.

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.

JCPenney stores sold: Will any close?

All 119 stores that were sold are currently operational. The buyer, Onyx Partners, did not respond to a request for comment from USA TODAY on whether the stores will continue to operate. 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. It did not include any locations in Texas.