Onyx Partners, a US commercial investment and management company, has agreed to acquire the retail properties of 119 large-scale chain retailer JCPenney for 947 million US dollars. Currently, all affected stores are still open for business, but it remains unclear whether this century-old department store will continue operating under new ownership.
A trust company holding the JCPenney property assets announced last week on July 25th that it had finalized a binding agreement to sell its portfolio of 119 properties for 947 million US dollars in cash to an investment firm based in Boston, marking one of the largest retail real estate transactions of the year.
Upon meeting the standard real estate transaction conditions, the acquisition deal is set to be completed by September 8th. As part of the transaction, ownership changes will take place at all 119 JCPenney stores across the United States.
The sold JCPenney stores are located in various states, including California with 17 stores in cities such as Glendale, Arcadia, West Covina, Riverside, Montebello, and Northridge.
As of now, all 119 stores involved in the sale are still operational, but their future remains uncertain. A visit to the Arcadia store on July 31st confirmed this, with employee Jen stating, “We have not received any closure notice, so customers can rest assured to shop here. We are preparing for the upcoming shopping season, with a large amount of merchandise on its way.”
Established 123 years ago, JCPenney is one of the largest retailers in the United States specializing in clothing, home goods, jewelry, and beauty products. By 1928, JCPenney had already established 1,000 chain stores across America. By 1994, the company’s retail revenue reached 20.4 billion US dollars, with a net income of nearly 1 billion US dollars.
However, even a century-old store like JCPenney has not been immune to the rapid changes brought about by the pandemic and shifting consumer preferences. Starting from 2016, JCPenney’s revenue has been declining annually, leading to more and more store closures. In 2020, the company filed for bankruptcy reorganization, with the number of stores across the US reduced to 860, less than a quarter of what it was in 2001.
After four years, JCPenney emerged from bankruptcy proceedings and has been focusing on stabilizing its operations. In January of this year, JCPenney merged with the parent company of the US fast-fashion brand Forever 21, creating a new company named Catalyst Brands under the SPARC Group. However, JCPenney retains its original name and brand identity.
In May, JCPenney closed seven more stores. At that time, a company spokesperson stated, “We will continue to serve customers at nearly 650 stores nationwide as well as on jcpenney.com.”
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This translation is based on the original content provided by a Chinese news outlet dated August 1, 2025.