Business & Tech
Retailer Sells 119 Stores In Nearly $1B Deal: Which MD Locations Are Affected
A department store is selling 119 locations, including two in Maryland. It's unclear if the stores will remain open.
Two Maryland JCPenney locations are among 119 stores that were sold to a Boston private equity firm.
Onyx Partners paid $947 million in an all-cash transaction for the stores, according to Copper Property CTL Pass Through Trust. Copper Property took control of 160 JCPenney locations when it declared bankruptcy during the COVID-19 pandemic.
The companies expect to close on the deal on or by Sept. 8.
Find out what's happening in Perry Hallfor free with the latest updates from Patch.
"The Buyer has now completed its due diligence, and its deposit under the Agreement is non-refundable," Copper Property Trust said in a news release.
According to a list published by Fox 32, the sale affects the JCPenney stores located at White Marsh Mall in Nottingham and St. Charles Towne Center in Waldorf.
Find out what's happening in Perry Hallfor free with the latest updates from Patch.
Those Maryland stores were open as of Wednesday, but their futures remain unclear after the sale closes.
Since JCPenney's 2020 bankruptcy filing, roughly 200 stores have closed, but 11 remain operational in Maryland, including the two just sold.
Related:
- Annapolis Mall Sees Luxury Brands, Entertainment As Keys To Growth
- JCPenney Redevelopment, New Village Academy Stall At Annapolis Mall
- Housing At Annapolis Mall Could Create 'Live, Work, Play' Community
- JCPenney Closing Annapolis Mall Department Store This August
This is the second time JCPenney has made headlines this year in Maryland.
The Annapolis JCPenney had originally planned to close by May 16, but it reversed course in late April. JCPenney signed a short-term lease to remain open through the summer.
The legacy retailer, however, announced last month that it couldn't secure a long-term lease and will close on Aug. 17.
Realtors previously released proposal drawings showing a Grocery Outlet, a Hobby Lobby decor store and a Onelife Fitness gym moving into the Annapolis JCPenney space. The reimagined footprint had room for two additional storefronts, with the tenants listed as to be announced later.
Grocery Outlet does not plan to open in the JCPenney space, Patch reported in May.
JCPenney also has Maryland locations in:
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