A significant JCPenney store sale has reached agreement between the Copper Property CTL Pass Through Trust and Onyx Partners Ltd., covering 119 retail locations across the United States for approximately $947 million.
The transaction follows several years of asset divestments conducted post‑bankruptcy and is expected to close by 8 September 2025.
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Properties included in the JCPenney store sale
The trust, set up during JCPenney’s Chapter 11 reorganisation in 2020, had been tasked with liquidating some 160 stores and six warehouse sites.
These 119 stores now being sold remain operational and are subject to long‑term triple‑net leases under which JCPenney covers rent, maintenance and other costs.
Onyx Partners, a private equity firm based in the Boston area, emerged as the successful buyer after a competitive process involving over 700 offers.
Planned closing timeline and financial details
The all‑cash agreement is expected to be finalised by early September, in line with the trust’s statutory liquidation schedule, which must be completed by 30 January 2026.
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By GlobalDataThe average price per store is slightly lower than earlier piecemeal sales facilitated by the trust, though trust executives emphasised the urgency imposed by the liquidation deadline as justification for the aggregated portfolio deal.
National context and broader retail landscape
This JCPenney store sale marks another chapter in the broader restructuring of traditional brick‑and‑mortar retail in the US.
Since emerging from bankruptcy in 2020, JCPenney has steadily reduced its physical footprint, closing over 200 stores at the height of the pandemic downturn. The company currently operates around 650 locations nationwide under its new corporate parent Catalyst Brands.
Analysts predict continued pressure on department stores, with thousands of closures forecast industry‑wide over the coming years, even as some large retailers such as Walmart and Target maintain strength.
What this means for JCPenney’s creditors
For certificate holders of the Copper Property Trust, the proceeds from the sale are intended to be distributed following completion of the transaction.
The deal represents a key step in fulfilling the trust’s mandate to reimburse JCPenney investors and creditors post‑bankruptcy.
Onyx Partners has indicated it has completed all required due diligence and that its deposit is non‑refundable under the agreement
