MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownMajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney Stores
Onyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
Private equity firm Onyx Partners has made a second offer to purchase 117 JCPenney stores for $934 million. The stores will remain open even if the deal goes through, noted Catalyst Brands, the company that operates JCPenney.
New York—Private equity firm Onyx Partners has put in a second offer to purchase more than 100 JCPenney stores.
The Boston-based company is offering Copper Property Trust $934 million for 117 properties, or around $8 million per store, across 35 states, according to a letter of intent shared with National Jeweler.
The trust was established following JCPenney’s bankruptcy filing in May 2020.
JCPenney exited Chapter 11 bankruptcy in December 2020, inking an $800 million deal with mall operators Simon Property Group and Brookfield Asset Management that saved more than 600 stores.
The trust was tasked with selling the rest of its 160 stores and six distribution centers.
With 40-plus stores already sold, these 117 stores remain.
In July 2025, Onyx Partners announced that it wanted to acquire 119 stores for $947 million, but the deal was delayed a few times, then fell through for undisclosed reasons, Retail Dive reported.
Related stories will be right here …
The Boston-based company is offering Copper Property Trust $934 million for 117 properties, or around $8 million per store, across 35 states, according to a letter of intent shared with National Jeweler.
The trust was established following JCPenney’s bankruptcy filing in May 2020.
JCPenney exited Chapter 11 bankruptcy in December 2020, inking an $800 million deal with mall operators Simon Property Group and Brookfield Asset Management that saved more than 600 stores.
The trust was tasked with selling the rest of its 160 stores and six distribution centers.
With 40-plus stores already sold, these 117 stores remain.
In July 2025, Onyx Partners announced that it wanted to acquire 119 stores for $947 million, but the deal was delayed a few times, then fell through for undisclosed reasons, Retail Dive reported.
JCPenney is currently run by Catalyst Brands, a joint venture between retail operator Sparc Group and JCPenney, with Simon Property Group and Brookfield as shareholders.
“Any potential real estate transaction would not impact the operations of these JCPenney store locations, all of which have long-term leases and would remain open to continue to serve our customers and communities,” Catalyst Brands said.
“Any potential transaction is merely a transfer of ownership of the physical stores and would not change the nature of our long-term leases on these locations.”
The financing is fully in place, an Onyx Partners spokesperson said, and it is prepared to close on Sept. 25 if its offer is accepted.
The offer contains no financing contingencies and includes a significant nonrefundable deposit “well above” what was previously agreed upon, Onyx noted.
Onyx said it has not received a response to its offer as of July 31.
According to JCPenney’s most recent filing, revenue for its fiscal year ended Jan. 31 totaled $6.0 billion, down 5 percent year-over-year.
JCPenney ranked No. 26 on National Jeweler’s 2025 “$100 Million Supersellers” list, with an estimated $213 million in jewelry and watch sales.
Editors' Picks
Sponsored by
More on Majors
The Latest
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner Collab on Bridal Earrings GiveawayThe jeweler has partnered with Jenner’s 818 Tequila brand to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
SourcingAug 12, 2026
Eshed-Gemstar on the Painstaking Process of Cutting ‘The Legacy Emerald’The gemstone supplier and manufacturer acquired the remarkable 104-gram Zambian emerald at Gemfields’ auction in May.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
