A Massive Sale: 119 JCPenney Stores Transferred
JCPenney’s real estate trust, Copper Property CTL Pass Through Trust, has agreed to sell a portfolio of 119 JCPenney-owned store properties to Onyx Partners for $947 million. Onyx Partners, based in Massachusetts, secured the deal after evaluating offers from more than 700 bidders. Though the properties have been sold, the physical stores will continue operating under long-term triple-net leases held by JCPenney affiliate Penney Intermediate Holdings. The transaction is expected to close by September 8, 2025.
Of note, three Connecticut outlets—located at The Shoppes at Buckland Hills, Westfarms Mall, and Danbury Fair Mall—are among those sold. All will remain open despite the transfer of ownership.
Eight Store Closures by Mid‑2025
Separately, JCPenney confirmed it would close eight of its U.S. stores by mid‑2025, citing expiring lease agreements, changing market conditions, and underperformance. The closures represent under 2% of its roughly 650 locations and are not tied to the recent merger with Catalyst Brands.
The affected stores are:
- Annapolis Mall, Annapolis, Maryland
- Fox Run Mall, Newington, New Hampshire
- Charleston Town Center, Charleston, West Virginia
- West Ridge Mall, Topeka, Kansas
- The Shops at Northfield, Denver, Colorado
- The Shops at Tanforan, San Bruno, California
- Pine Ridge Mall, Pocatello, Idaho
- Asheville Mall, Asheville, North Carolina
Some locations, such as Pocatello’s Pine Ridge Mall and Charleston Town Center, are part of larger redevelopment efforts at their malls.
Why These Moves, and What It Means
JCPenney has undergone major strategic shifts since emerging from Chapter 11 bankruptcy in late 2020, when it trimmed hundreds of underperforming outlets. In January 2025, it merged with SPARC Group (owner of brands like Aéropostale and Brooks Brothers) to form Catalyst Brands. Despite that move, the latest store sales and closures were described by the company as unrelated to the merger, instead tied to lease expirations or shifting demand.
The asset sales to Onyx Partners allow JCPenney to monetize real estate while retaining operations at key sites—providing capital to support its e-commerce strategy and core business.
What Shoppers and Communities Should Know
For customers in affected regions, the closures mean fewer nearby physical stores—and potentially longer drives to other locations. Many of these stores have already begun clearance sales offering discounts of up to 20% on merchandise.
However, JCPenney continues investing in its remaining retail footprint and its online presence, encouraging shoppers to visit nearby locations or shop online at jcpenney.com.
Bigger Picture: Retail Restructuring and Survival
These isolated store exits reflect a broader trend in U.S. retail: mall-based chains adjusting to the rise of e-commerce and changing shopping habits. While Macy’s is planning hundreds of closures under its Bold New Chapter Plan, JCPenney emphasizes that its retreat is limited and strategic—focusing on long-term viability.
