News Summary
Onyx Partners Ltd. has announced its acquisition of 119 JCPenney stores across the U.S. for $947 million, with the deal set to finalize by September 2025. This acquisition, which includes the Mall of Louisiana location, is part of JCPenney’s efforts to restructure its assets after facing bankruptcy in 2020. Despite ongoing financial challenges, JCPenney aims to enhance the shopping experience and is projected to operate over 640 stores by July 2025, allowing Onyx Partners to influence the future of these locations strategically.
Boston – Onyx Partners Ltd., a private equity firm based in Boston, has struck a significant deal to acquire 119 JCPenney stores across the United States for a sum of $947 million. The agreement is expected to finalize by September 8, 2025. This acquisition includes the JCPenney location at the Mall of Louisiana, uniquely positioning it as the only store being purchased in Louisiana.
The transaction is being conducted through the Copper Property CTL Pass Through Trust, an entity formed by JCPenney’s lenders in the wake of the retailer’s bankruptcy in 2020. This move is part of ongoing efforts to restructure JCPenney’s valuable assets after its financial troubles. The retailer had to close approximately one-third of its stores during its bankruptcy proceedings in 2020.
After JCPenney was purchased out of bankruptcy in December 2020, ownership transferred to major mall operators Simon Property Group and Brookfield Asset Management. The decision to sell part of its portfolio comes as JCPenney attempts to revitalize the brand and improve its standing in the competitive retail market.
Geographic Scope of the Acquisition
The portfolio acquired by Onyx Partners spans 35 states and is distinct from properties already sold to Simon Property Group and Brookfield Asset Management. JCPenney continues to operate a total of 13 stores in Louisiana, which are situated in locations including Metairie, Lafayette, Covington, Gretna, Hammond, Houma, and Lake Charles. The acquisition notably keeps the store at the Mall of Louisiana operational, amidst other stores in the state.
Store Closures and Revitalization Efforts
Despite ongoing efforts to breathe new life into the JCPenney brand, the retailer has faced continued struggles in 2023. Recently, more than half a dozen stores closed before Memorial Day, adding to the tally of closures since its bankruptcy. In a bid to enhance the shopping experience, JCPenney plans to invest over $1 billion in 2023 for upgrades, which will include improvements to store checkouts, lighting, and overall shopping ambiance, along with enhancements to online shopping platforms.
As of July 2025, JCPenney is projected to operate over 640 stores across the United States and Puerto Rico. This acquisition by Onyx Partners positions the firm to potentially play a role in shaping the future of these stores as the company drives forward in its restructuring strategy.
Historical Context
JCPenney’s financial hardship has been a long-standing issue, with the retailer previously closing 138 stores in 2017. The challenges faced by JCPenney reflect broader trends within the retail sector, particularly with traditional department stores grappling with shifting consumer behaviors and increased competition from e-commerce platforms. Observers in the retail industry will be closely watching how Onyx Partners moves forward with the JCPenney stores, particularly in light of its commitment to improving the brand and restoring its market presence.
With this acquisition, Onyx Partners aims to take a significant step in the retail landscape, concentrating on revitalizing assets inherited from a troubled past while navigating the complexities of modern retail demands.
Deeper Dive: News & Info About This Topic
- The Advocate
- Google Search: JCPenney store sales
- WBRZ
- Encyclopedia Britannica: JCPenney
- Business Report
- Google News: JCPenney
- Silive
- Google Scholar: JCPenney
- The Hill
- NJ.com
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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.
