JCPenney Sells 119 Stores in $1 Billion Deal: See Ohio, Kentucky & Full List
It is the JCPenney in the media again, but this time, it is news on such a massive property transaction since the firm went bankrupt in 2020. The retailer has agreed to sell 119 of its store properties for nearly $1 billion, a move that affects locations in 35 states. Among them are several well‑known sites in Ohio and Kentucky, two states where many of us still shop at mall‑based JCPenney stores.
This sale isn’t about shutting doors or laying off workers. Instead, it’s a real‑estate transaction. JCPenney will keep running the stores, but the ownership of the buildings will shift to a new buyer. For shoppers, this means business as usual, but for the retail industry, the deal highlights how companies are adapting to changing consumer habits and the rising costs of physical space.
We’ll study the complete list of locations, why this $1 billion deal is significant, and what it reveals about the future of JCPenney and other big department store chains.
Background Context
We understand that JCPenney filed for Chapter 11 Bankruptcy in May 2020, amid COVID and all that was happening. To manage its assets, the Copper Property CTL Pass‑Through Trust was set up. That trust held many of the retailer’s real‑estate properties. Since then, the trust has been selling stores to pay back creditors. This sale of 119 stores is a big part of that plan.
Details of the Deal
A Boston and Massachusetts-based affiliate of Onyx Partners has agreed to buy it. They agreed to purchase the entire portfolio for $947 million in cash. The transaction is scheduled to be finalized by September 8, 2025. JCPenney will remain the tenant under long‐term triple-net leases, meaning it keeps operating costs, rent, and maintenance costs even after the change in ownership.
Geographic Breakdown
The portfolio spans 35 states and includes all 119 stores still open. The largest impacts are seen in Texas with 21 stores, followed by locations in California, Florida, and Michigan. According to reports, JCPenney operates close to 650 stores nationwide, meaning this sale affects about one in five of its locations.
Ohio and Kentucky Highlights
Several shopping malls in Ohio are included in the sale. While the exact list varies by report, we know multiple JCPenney stores in Ohio are involved, including at major shopping centers. In Kentucky, at least two stores are included. These states matter because they still host many active JCPenney locations for shoppers.
Why This Matters
We see two key outcomes here. First, customers and employees should see little change. Stores remain open and continue serving communities. Second, the $947 million raised by the trust will go to repay creditors, not directly into the store operations. This is a shift in how retail chains manage their finances in tough markets.
Industry Context
This move reflects a broader trend. After the pandemic, major chains such as Foot Locker, Tuesday Morning, and Bed Bath & Beyond have closed hundreds of stores. Analysts estimate that as many as 45,000 retail stores in the U.S. could close over the next five years. JCPenney’s decision to sell its property rather than shutter entire stores is a strategy more retailers are considering.
Implications for Communities
From where we stand, this sale should not disrupt shopping in local malls or strip centers. But over time, new property owners may seek to redevelop the sites or renegotiate lease terms. Many malls are already struggling. This sale signals how private equity and real estate trusts are shaping the future of traditional retail spaces.
Full List of Locations
While specific outlets vary by state, here is an approach to share the full list (often with a map or table):
- Grouped by state, listing cities and mall names where possible.
- Highlight states with the highest counts, like Texas (21) and California.
- Call out the Ohio and Kentucky locations.
We will ensure stores remain open, and we will update if any closures are confirmed.
Conclusion
We see JCPenney adapting. It keeps running its stores but no longer owns their real estate. It is a nearly $1 billion all-cash deal, primarily to benefit creditors via the Copper Property Trust. The stores will stay open, and operations will carry on without changes. For the retail industry, the deal is a clear example of how chains are changing structure to survive.
FAQS:
A Boston-based group called Onyx Partners bought the 119 JCPenney store properties. They paid about $947 million for the deal, but JCPenney will still run the stores.
JCPenney operates roughly 650 locations across the United States. These stores are located in malls and shopping centers across many states, serving millions of shoppers every year.
JCPenney is famous for selling affordable clothing, home goods, and beauty products. It is also known for its big sales, holiday discounts, and long history in American retail.
Disclaimer:
This content is for informational purposes only and not financial advice. Always conduct your research.