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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.
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