Michaels acquires Joan Brand after filing for bankruptcy
Michaels is expanding by acquiring Joan’s intellectual property and private label brands following the brand closure after filing for bankruptcy.
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Approximately five years after JCPenney filed for bankruptcy, the Boston private equity firm will pay $947 million to 119 JCPenney stores.
Onyx Partners, Ltd. The entire cash sale of 119 JCPenney Properties to affiliates was announced by the Copper Property CTL Pass, which will pass Trust on July 25th.
Property management firm Newmark and Hilco real estate were seeking buyers at these JCPenney locations for their copper estate, a trusted formed by JCPenney lenders as part of a restructuring of retailers after filing for bankruptcy in 2020. “The buyer has now completed due diligence and deposits under the contract are non-refundable,” the Copper Property Trust said in a July 25 news release.
Following JCPenney’s bankruptcy, Copper Property managed around 160 JCPenney locations and six distribution centres. Simon Property Group and Brookfield Asset Management Inc. have taken over JCPenney’s business and the rest of the location. The department store chain, which currently has around 650 stores, was one of the largest retailers filing for Chapter 11 bankruptcy protection.
Money from the transaction is sent to the JCPenney creditors. $928 million to $932 million will be distributed after the closure costs, principal Larry Finger said on July 28 during a conference call to discuss the deal.
The jcpenney store is for sale: Is everything still open?
All 119 stores sold are currently open for operation. Buyer Onyx Partners did not respond to requests for comment from USA Today. JCPenney closed more than 200 US locations when retailers filed for bankruptcy amid the Covid-19 pandemic. Recently, seven store closures announced in February 2025 became official in May 2025.
Which jcpenney stores are available for sale? See maps and lists
Newmark was telling future buyers that it consists of 121 properties with 16.05 million square feet of retail space in 35 states, including 21 in Texas and 19 in California.
One of Florida and Pennsylvania was sold to Simon and Brookfield Group for $21 million earlier this year, according to a Securities and Exchange Commission application.
Mike Snyder is a national trending news reporter for USA Today. You can follow him in the thread, send BlueSky, X with X and send him an email Bliss & @mikegsnider.bsky.social & @mikesnider &msnider@usatoday.com
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