Onyx Partners Buys 119 JCPenney Stores in $947 Million Deal
The deal between Onyx Partners and JCPenney is a major development in the retail industry, with the private equity firm acquiring a significant number of stores from the struggling retailer. The sale is part of JCPenney's efforts to restructure and emerge from bankruptcy, and it will be interesting to see how the company navigates this new chapter in its operations.
JCPenney is selling 119 stores, including two locations in Western Pennsylvania, to private equity firm Onyx Partners Ltd as part of a larger deal valued at $947 million. The sale is expected to close by September 8 and is part of JCPenney's efforts to restructure after filing for bankruptcy in 2020.
The two stores in Western Pennsylvania, located in the Westmoreland Mall and Mall at Robinson, are among the 119 JCPenney stores being acquired by Onyx Partners from Copper Property CTL Pass Through Trust. Copper Property CTL Pass Through Trust took control of 160 JCPenney stores and six distribution centers in 2020.
JCPenney's decision to sell these stores is part of its plan to close over 240 stores, which was announced after the company filed for bankruptcy in 2020. The sale to Onyx Partners is a significant step in JCPenney's efforts to restructure and emerge from bankruptcy.
The acquisition of 119 JCPenney stores by Onyx Partners is expected to have a significant impact on the retail landscape, particularly in the regions where the stores are located. The sale is valued at $947 million and is expected to close by September 8, marking a new chapter for JCPenney and its operations.