News Summary
Onyx Partners Ltd., a Boston-based private equity firm, has finalized an agreement to acquire 119 JCPenney stores, including the sole location in Louisiana, for $947 million. The deal is anticipated to close by September 8, 2023, and aims to ensure the continued operation of these stores. Despite challenges post-bankruptcy, JCPenney plans over $1 billion in upgrades to enhance their shopping experience. Stakeholders are watching closely to see how this acquisition will influence the retail landscape and customer engagement moving forward.
Baton Rouge — Onyx Partners Ltd., a private equity firm based in Boston, has finalized an agreement to acquire 119 JCPenney stores for $947 million. This acquisition includes the JCPenney store situated in the Mall of Louisiana in Baton Rouge, making it the sole JCPenney location in Louisiana among the stores being purchased. The deal is expected to close by September 8, 2023.
The seller in this transaction is the Copper Property CTL Pass Through Trust, which was established by JCPenney’s lenders during the company’s reorganization process following its bankruptcy filing in 2020. As part of the sale, it is reported that between $928 million and $932 million will be allocated to JCPenney’s creditors. The sale means that all impacted JCPenney stores will continue to operate, as the transaction signifies a change in landlord rather than a closure of the stores.
The portfolio involved in this deal originally comprised a total of 121 stores across 35 states; however, some stores had previously been sold to other parties, including Simon Property Group and Brookfield Asset Management. Currently, JCPenney operates 13 stores in Louisiana, with additional locations in cities such as Metairie, Lafayette, Covington, Gretna, Hammond, Houma, and Lake Charles.
Since JCPenney’s bankruptcy in 2020, the company has undergone significant restructuring. This includes the closing of around one-third of its stores prior to being acquired by Simon Property Group and Brookfield Asset Management. In an effort to revitalize its brand, JCPenney has announced plans to invest over $1 billion on store enhancements and upgrades, expected to be completed by the end of 2023. Among these improvements are proposals to relocate checkouts to centralized areas, enhance lighting, apply new paint, and improve the online shopping experience.
Despite the strategic efforts made by JCPenney, the company has faced challenges this year. Notably, more than half a dozen stores closed before Memorial Day 2023, contributing to ongoing concerns about its viability in the competitive retail space. As of July 2025, JCPenney operates more than 640 stores across the United States and Puerto Rico, reflecting both a legacy of retail presence and the ongoing evolution of its business model.
While Onyx Partners’ specific plans for the acquired stores have not been disclosed, the acquisition marks a critical step in the future landscape of JCPenney’s operations. Stakeholders will be keenly observing how this change in ownership influences customer experience and overall performance in what remains a challenging retail environment.
Deeper Dive: News & Info About This Topic
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Author: STAFF HERE NEWORLEANS WRITER
NEW ORLEANS STAFF WRITER The NEW ORLEANS STAFF WRITER represents the experienced team at HERENewOrleans.com, your go-to source for actionable local news and information in New Orleans, Orleans Parish, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as French Quarter Festival, New Orleans Jazz & Heritage Festival, and Essence Music Festival. Our coverage extends to key organizations like the New Orleans Chamber of Commerce and Greater New Orleans, Inc., plus leading businesses in energy, healthcare, and education that power the local economy such as Entergy, Ochsner Health, and Tulane University. As part of the broader HERE network, including HEREShreveport.com, we provide comprehensive, credible insights into Louisiana's dynamic landscape.
