119 jcpenney store is on sale for a private equity deal of $947 million
JCPenney CEO Marc Rosen discusses the challenges shoppers face and the company’s $1 billion investment to upgrade stores.
At least 119 JCPenney stores across the US are set to change ownership in the massive $947 million deal announced last week.
The contract will take place five years after the retailer submits it Chapter 11 Bankruptcy The height of the Covid-19 pandemic. As part of the restructuring, the department store chain has transferred ownership of 160 store facilities and six distribution centres to established liquidation trusts on behalf of a secure lender.
Copper Property CTL Pastrust announced it will be on sale last Friday 119Boston-based private equity company Onyx Partners Ltd.
The transaction is expected to close by August 8th.
jcpenney plans to close its store in 2025: Here’s the location
Over 100 JCPenney stores across 35 US states are on sale in nearly $1 billion in private equity deals, scheduled to close by September 8th. (Kevin Carter/Getty Images)
“The buyer has now completed due diligence and deposits under the contract are non-refundable,” the trust said in a July 25 press release.
JCPenney told Fox Business on Thursday that all stores involved in the sales will remain open and operational.
” real estate The deal announced yesterday represents a change in landlords, but will not affect the operation of the JCPenney store,” the company said.
The JCPenney store is currently in the process of closing in Orlando, Florida on August 21, 2020 after the department store chain filed for Chapter 11 bankruptcy. (Paul Hennessy/SOPA Images/Lightrocket/Getty Images)
Proceeds from the sale will be distributed to the holders of the certificate of trust. JCPenney’s creditor. Copper Property Trust Principal Officer Officer Officer Officer said in a July 28th investors’ call that between $928 million and $932 million will be distributed after the closure costs.
JCPenney emerges from bankruptcy after the reorganization of Chapter 11
The customer rode an escalator at the JCPenney store in New York on August 14th, 2013. (Brendan McDermid/Reuters)
The department store chain currently operates approximately 650 locations: The largest retailer Submit Chapter 11 during the pandemic. Nearly a third of the 846 stores were closed during bankruptcy restructuring.
In May, JCPenney closed seven additional locations Fox 4 Dallas. At the time, a spokesperson told a local station, “We look forward to continuing to serve our customers at nearly 650 stores nationwide and at JCPenney.com online.”
Click here to get your Fox business on the go
CEO Marc Rosen told Fox Business in 2023 that the company was investing more than $1 billion to reposition itself as a value-focused alternative to expensive department stores to boost pedestrians.
Onyx Partners did not respond to requests for comment from Fox Business.
Daniella Genovese of Fox Business contributed to this report.