JCPenney’s latest real estate drama has left 117 mall stores — and their surrounding retail ecosystems — in limbo, as a high-profile sale to private equity firm Onyx Partners stalls under legal and financial issues.
The uncertainty highlights how much of JCPenney’s future still hinges on complex property deals engineered after its 2020 bankruptcy, even as shoppers continue visiting these locations across 35 U.S. states and Puerto Rico . How the Onyx deal unraveled Earlier in 2025 , Onyx Partners agreed to buy
117 JCPenney stores from Copper Property CTL Pass Through Trust , the entity created to dispose of real estate following JCPenney’s Chapter 11 restructuring.
The portfolio, valued between approximately $935 million and $947 million in various reports, was originally scheduled to close by early September 2025 but experienced multiple extensions due to unmet closing conditions . By December 22, 2025 , the Trust filed with the U.S.
Securities and Exchange Commission, saying the agreement would terminate if the buyer failed to close by December 26 , triggering what has now become a legal and strategic standoff over who is at fault for the missed deadline. Anton Melchionda , founder and principal/partner at Onyx Partners Ltd., said , “Onyx Partners Ltd.
continues to work toward closing the previously announced transaction in accordance with the purchase agreement,” pointing to “customary seller deliverables” such as tenant documentation that it claims remain outstanding. What happens to the 117 stores The 117 affected JCPenney locations span 35 states, including Puerto Rico, with heavy concentrations in Texas and California , where there are 19 stores in each state tied to the…
