Onyx Partners Buys 119 JCPenney Stores for $947M

Onyx Partners, a Boston-based private equity firm, has agreed to acquire 119 JCPenney stores and distribution centers across the U.S. for $947 million in an all-cash transaction, expected to close by September 8, 2025. The deal includes properties in Minnesota, Washington, Virginia, New York, and other states, with all locations under triple-net leases requiring JCPenney to continue operations and cover all associated costs. All 119 locations are expected to remain open for now, though long-term plans under new ownership remain uncertain. Proceeds from the deal, estimated at $928–$932 million after closing costs, will be used to pay JCPenney’s creditors as part of its post-bankruptcy restructuring. The sale follows the closure of over 200 stores since JCPenney's 2020 bankruptcy. The transaction represents a key step in maximizing asset value for creditors and supporting ongoing operations.