JCPenney Sells 119 Stores to Onyx Partners

JCPenney is selling 119 store properties in over 30 states to Boston-based Onyx Partners for $947 million in cash, with the deal expected to close by September 8, 2025. The properties are currently owned by Copper Property CTL Pass Through Trust, a special-purpose entity created during JCPenney's 2020 bankruptcy, and sale proceeds will benefit the trust's certificate holders. All affected stores are expected to remain operational for now. This transaction is part of JCPenney's broader financial restructuring, following a recent merger with Sparc Group that created Catalyst Brands, which oversees other major retail brands. Onyx Partners has not announced long-term plans for the properties, but the acquisition highlights growing institutional interest in retail real estate. JCPenney will continue operating nearly 650 stores nationwide as it pursues long-term growth.