News Summary
Onyx Partners, the Boston-based private equity firm, has acquired 119 JCPenney stores for $947 million in an all-cash transaction. This acquisition is part of a strategy to generate funds for JCPenney’s creditors following the retailer’s bankruptcy filing in 2020. The sale includes six stores located in Michigan, while JCPenney retains approximately 650 locations nationwide. This transaction signifies a further step in JCPenney’s restructuring efforts amidst ongoing challenges in the retail sector.
Troy, Michigan – Onyx Partners, a private equity firm based in Boston, has acquired 119 JCPenney stores for $947 million in an all-cash deal, which was officially announced on July 25. This significant transaction is part of a broader effort to secure funding to repay JCPenney’s creditors following the retailer’s bankruptcy filing in 2020.
The acquisition is expected to conclude on or before September 8, 2025. Upon closing, estimated funds between $928 million and $932 million will be made available to JCPenney creditors, as reported by the company’s principal financial officer. The deal was facilitated by Copper Property CTL Pass Through Trust, an entity established by JCPenney’s lenders during the company’s restructuring process.
Six of the stores included in the sale are located in Michigan, specifically:
- Oakland Mall in Troy
- Lakeside Mall in Sterling Heights
- Twelve Oaks Mall in Novi
- Grand Traverse Mall in Traverse City
- Rivertown Crossings in Grandville
- Waterside Marketplace in Chesterfield Township
All 119 stores that are part of this sale are currently operational. Following the sale, JCPenney will continue to operate approximately 650 locations across the United States. Prior to this transaction, Copper Property managed about 160 JCPenney stores along with six distribution centers, emphasizing the significant reduction in JCPenney’s footprint post-bankruptcy.
In 2020, JCPenney was among the largest retailers to file for Chapter 11 bankruptcy protection, ultimately closing over 200 locations throughout the United States amid the challenges posed by the COVID-19 pandemic. This sale marks another step in JCPenney’s ongoing restructuring efforts, as the company continues to navigate the retail landscape and stabilize its financial footing.
The sale also follows previous transactions where Copper Property sold two JCPenney properties in Florida and Pennsylvania for $21 million to Simon Property Group and Brookfield Asset Management Inc. These movements reflect a strategic effort to generate liquidity for JCPenney amid its ongoing recovery.
Of the current 23 JCPenney stores remaining in Michigan outside of the latest sale, notable locations include:
- Ann Arbor
- Brighton
- Burton
- Dearborn
- Flint
- Fort Gratiot
- Grand Rapids
- Jackson
- Lansing
- Muskegon
- Okemos
- Portage
- Roseville
- Saginaw
- Taylor
- Westland
- White Lake
Newmark and Hilco Real Estate played pivotal roles in managing the sale process for the 119 JCPenney locations. The firm’s expertise in real estate transactions is instrumental in navigating such significant deals in the retail sector.
This acquisition by Onyx Partners is a notable event in the retail industry, reflecting both the challenges and opportunities present in the market today. As the landscape continues to evolve, the future of JCPenney remains closely watched by industry experts and consumers alike.
Deeper Dive: News & Info About This Topic
HERE Resources
JCPenney Sells Six Michigan Stores in Major Transaction
Additional Resources
- Detroit Free Press
- MLive
- AS.com
- Patch
- Ainvest
- Wikipedia: JCPenney
- Google Search: JCPenney
- Google Scholar: JCPenney
- Encyclopedia Britannica: JCPenney
- Google News: JCPenney
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The NOVI STAFF WRITER represents the experienced team at HERENovi.com, your go-to source for actionable local news and information in Novi, Oakland County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Motor City Comic Con, Michigan State Fair, and Novi Home and Garden Show. Our coverage extends to key organizations like the Novi Chamber of Commerce and Novi Community Foundation, plus leading businesses in automotive, technology, and manufacturing that power the local economy such as Gentherm, Stoneridge, and Daifuku North America. As part of the broader HERE network, including HEREDetroitMI.com, HEREGrandRapids.com, HERENorthville.com, and HEREPlymouth.com, we provide comprehensive, credible insights into Michigan's dynamic landscape.
