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News told by money
An agreement to sell more than 100 J.C. Penney stores likely won’t move forward.
The development was confirmed by a regulatory form filed on Monday, December 22 by the trust responsible for the asset sale.
Copper Property CTL Pass Through Trust said in a Dec. 22 filing that its previously announced sale to Onyx Partners, Ltd. of Boston, Massachusetts, has not been completed. The trust issued a notice to the buyer confirming that if the transaction is not completed by December 26, it will terminate the contract.
Why is this deal likely to fail? Will the store close?
At this time, it is unclear what happened with this transaction or whether the stores involved will close.
USA TODAY has contacted J.C. Penney for more information.
JC Penney bankruptcy crisis leads to trade
The deal was struck during J.C. Penney’s 2020 bankruptcy. In July 2025, the trust announced that Onyx would acquire 119 stores for $947 million. The deal was expected to close in September 2025, but delays continue.
Property management company Newmark & Hilco Real Estate was seeking a buyer for the site through a trust.
“The buyer has completed its due diligence and the deposit under the agreement is non-refundable,” the trust said in a July 25 news release.
Remaining JC Penney stores
J.C. Penney, which currently has about 650 stores, was one of the largest retailers to file for Chapter 11 bankruptcy protection. Following the company’s bankruptcy, the trust announced it would take control of approximately 160 J.C. Penney stores and six distribution centers.
Simon Property Group and Brookfield Asset Management Inc. took over the remaining locations and operations of J.C. Penney.
The proceeds of the sale were to be sent to J.C. Penney’s creditors. After accounting for closing costs, it was estimated that between $928 million and $932 million would be distributed.
After announcing its bankruptcy, J.C. Penney filed for bankruptcy due to the coronavirus pandemic and closed more than 200 stores in the United States. The company closed seven more stores in May.
J.C. Penney’s retail portfolio includes 121 properties across 35 states, including 21 in Texas and 19 in California, totaling 16.05 million square feet of retail space.
Michelle Del Rey is a trending news reporter for USA TODAY. Please contact mdelrey@usatoday.com.
