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Nearly a year after a proposed deal fell apart, a private equity firm has revived its effort to acquire the real estate beneath almost 120 JCPenney stores across the country.
Onyx Partners is offering $934 million for 117 store properties, according to Retail Dive, resurrecting a deal that failed to close late last year. While ownership of the buildings could change hands, JCPenney says shoppers should see little immediate impact because the stores operate under long-term lease agreements.
The renewed bid marks the latest chapter in JCPenney’s yearslong effort to reshape its business following its 2020 bankruptcy and comes as many retailers continue reevaluating their real estate footprints.
Why is Onyx Partners bidding on JCPenney stores again?
The proposed deal traces back to JCPenney’s 2020 bankruptcy.
Following the retailer’s restructuring, Copper Property CTL Pass Through Trust took ownership of roughly 160 JCPenney stores and six distribution centers on behalf of creditors. Since then, Copper Property has been working to sell off those real estate assets.
In July 2025, Copper Property announced that Onyx Partners would acquire 119 store properties for $947 million. But regulatory filings later showed the transaction never closed. The reason the deal fell through has not been publicly disclosed.
Now, Onyx is back with a new proposal.
Retail Dive reported Aug. 3 that the Massachusetts-based private equity firm has submitted a $934 million bid for 117 JCPenney store properties, with many terms reportedly mirroring last year’s failed agreement.
Will JCPenney stores stay open?
For now, JCPenney says customers should notice little if any impact.
Catalyst Brands, which operates JCPenney, told USA TODAY that the stores tied to the deal are protected by long-term leases and that a sale would simply transfer ownership of the properties.
“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 company said in a statement.
Still, documents tied to the sale show there could be exceptions. Marketing materials created by Newmark and Hilco Real Estate note that six properties include landlord termination rights that could allow a JCPenney lease to be ended with two years’ notice.
Which JCPenney stores could be included?
A full list of the properties covered by the new bid was not immediately available.
However, Retail Dive reported, citing a letter of intent from Onyx, that the package includes stores across 35 states.
When the earlier deal was announced, JCPenney’s real estate portfolio included 121 properties totaling more than 16 million square feet of retail space. The largest concentrations were in Texas, with 21 stores, and California, with 19.
USA TODAY has reached out to Onyx Partners and Copper Property CTL Pass Through Trust for additional comment.
JCPenney’s retail portfolio includes 121 properties totaling more than 16 million square feet of retail space across 35 states, including 21 in Texas and 19 in California, the call for offers page shows.
Contributing: Mike Snider – USA TODAY