119 JCPenney Locations Are Being Sold

It was just announced that 119 JCPenney locations are going to be sold-off.

So what does this mean for the 123 year-old brand?

Back in 2020, CNN reported that JCPenney declared Chapter 11 bankruptcy. Apparently, things were looking a little grim and bleak.

Then in February of 2025, JCPenney shut down 8 locations across America, to try to slim their bottom-line.

They then slashed seven more locations a few months later, for the same reason.

That brought the once-thriving brand from 846 stores down to 650 locations. It also left large end-cap mall locations bare and looking for someone to lease the once-thriving retail space.

Fast-forward to present day, the slimmed down and streamlined JCPenney business model still progresses forward, but now things are changing once again. Fox Business reports that 119 locations have been sold to private equity firm Onyx Partners Ltd for $975 million, all cash.

A JCPenney spokesperson, likely wearing something out of their 2025 summer catalog, stepped forward with the following statement.

“The real estate transaction announced yesterday represents a change in landlord but does not impact JCPenney store operations. These 119 JCPenney stores will continue to operate and serve our loyal customers and communities.”

JCPenney is one of the largest businesses to declare Chapter 11 bankruptcy during the pandemic, but they are one of few that seem to be able to recover and keep the brand going.

It’s almost a rite of passage in America to be a child and get lost in one of the many departments at JCPenney, only to be found by your mom, hiding in a clothes rack next to the layaway department.

We are glad that this opportunity will continue to live on — just with a different owner. One that JCPenney executives promise won’t change anything within the operational workings.

Only time will tell if the new owners will make any changes. But the deal is as good as done, as the private equity firm has dropped a fat, non-refundable deposit on the 119 JCPenney locations.

Where Was The First JCPenney Location?

According to JCPenney, the brand was founded in Kemmerer, Wyoming, in 1902 by James Cash Penney.

Ok, suddenly the name JCPenney now makes sense.

The first store is said to be named “The Golden Rule,” as it sets the standard by which they have operated for over a century – to treat others as we would like to be treated.

When Did JCPenney Emerge From Chapter 11 Bankruptcy?

According to USA Today, JCPenney emerged from Chapter 11 bankruptcy on December 7, 2020.

The retailer had filed for Chapter 11 right smack dab in the middle of the pandemic, in May 2020.