119 JCPenney stores sold; see locations

What Chapter 11 bankruptcy means

Filing for bankruptcy doesn't always mean the end for an American business.

More than 100 JCPenney stores across the U.S. are set to change ownership as part of a $947 million deal announced on July 25.

This news follows the national retailer’s closure of multiple locations, including several this past May.

119 JCPenney stores sold

An affiliate of Boston-based private equity firm Onyx Partners, Ltd. will acquire 119 JCPenney properties, according to Copper Property CTL Pass Through Trust. The transaction is expected to close on September 8.

What they're saying:

"The Buyer has now completed its due diligence, and its deposit under the Agreement is non-refundable," Copper Property Trust said in a news release on July 25.

A sign is posted on the exterior of a JCPenney store at The Shops at Tanforan on September 01, 2023 in San Bruno, California. (Credit: Justin Sullivan/Getty Images)

Will sold JCPenney stores remain open?

Dig deeper:

All 119 stores involved in the sale remain open, though it's uncertain if that will continue. FOX Local reached out to the buyer, Onyx Partners, for comment.

Which JCPenney stores are being sold?

JCPenney files for bankruptcy reorganization in 2020

The backstory:

JCPenney, which emerged from Chapter 11 reorganization in December 2020 with new owners, not only has grappled with years of internal issues but also faces an uncertain economy that has challenged healthier department stores.

The chain’s core customers are budget-conscious families, whose median income ranges from $50,000 to $75,000. They’ve been particularly hit hard by higher costs basic items and high interest rates, making borrowing on credit cards and taking out a mortgage more expensive.

EARLIER: JCPenney stores closing later this month: See the list

The company then filed for bankruptcy reorganization in May 2020 after the pandemic-induced temporary closing of stores put the already struggling retailer deeper in peril.

JCPenney CEO Marc Rosen told FOX Business in 2023 that the company had been working to revamp its product offering, making sure it's a cheaper alternative to other department stores, to boost customer frequency. It also announced that it was infusing more than $1 billion into the business to enhance its store portfolio. 

In May, JCPenney closed seven stores across the country. At the time a spokesperson for the company said, "We look forward to continuing to serve our customers at our nearly 650 store locations across the country and online at jcpenney.com."