119 JCPenney stores hang in the balance as deal deadline approaches
- - 119 JCPenney stores hang in the balance as deal deadline approaches
Michelle Del Rey , USA TODAY December 25, 2025 at 12:40 AM
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119 JCPenney stores hang in the balance as deal deadline approaches
A deal to sell more than 100 JCPenney stores is likely not going forward.
A regulatory form filed on Monday, Dec. 22, from the trust that had been charged with selling the assets confirmed the development.
In the filing on Dec. 22, Copper Property CTL Pass Through Trust said its previously announced sale with Onyx Partners, Ltd. of Boston, Massachusetts, did not close. The trust issued a notice to the buyer confirming that if it does not close the transaction by Dec. 26, the agreement will terminate.
Why is the deal likely to fall through? Will stores close?
It is not known at this time what happened with the deal or whether the stores involved will close.
USA TODAY has reached out to JCPenney for more information.
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JCPenney bankruptcy woes lead to deal
The deal was formed during JCPenney’s 2020 bankruptcy. In July 2025, the trust announced Onyx would acquire 119 stores for $947 million. The deal was expected to be closed in September 2025, but continued to face delays.
The property management company, Newmark and Hilco Real Estate, had been seeking buyers for the locations through the trust.
In a news release on July 25, the trust said: "The Buyer has now completed its due diligence, and its deposit under the Agreement is non-refundable."
Remaining JCPenney stores
JCPenney currently has about 650 stores and was one of the largest retailers to file for Chapter 11 bankruptcy protection. Following the company’s bankruptcy, the trust announced it would take control of roughly 160 JCPenney locations and six distribution centers.
Simon Property Group and Brookfield Asset Management Inc. took over the remaining locations and JCPenney operations.
The money from the sale was slated to go to JCPenney creditors. Following closing costs, it was estimated that between $928 million and $932 million would be distributed.
After the bankruptcy announcement, JCPenney closed more than 200 U.S. locations when the retailer filed for bankruptcy during the COVID-19 pandemic. The company closed another seven locations in May.
JCPenney’s retail portfolio includes 121 properties totaling 16.05 million square feet of retail space across 35 states, including 21 in Texas and 19 in California.
Michelle Del Rey is a trending news reporter at USA TODAY. Reach her at [email protected].
This article originally appeared on USA TODAY: JCPenney sale for 119 stores for $950M likely to collapse
Source: “AOL Money”
