Retailer Sells 119 Stores In Nearly $1B Deal: Which Michigan Locations Are Affected

MICHIGAN — Six Michigan JCPenney stores 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, which took control of 160 JCPenney stores when it declared bankruptcy during the COVID-19 pandemic.

The companies expect to close on the deal on or by Sept. 8.

"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 six Michigan stores, including those at Oakland Mall in Troy, Lakeside Mall in Sterling Heights, Twelve Oaks Mall in Novi, Grand Traverse Mall in Traverse City, Rivertown Crossings in Grandville and Waterside Marketplace in Chesterfield Township.

As of Wednesday, those Michigan stores are open, but the future of those stores once the deal is finalized remains unclear.

Since JC Penney's 2020 bankruptcy filing, roughly 200 stores have closed, but 23 remain operational in Michigan, including the six just sold.

JCPenney also has Michigan locations in Ann Arbor, Brighton, Burton, Dearborn, Flint, Fort Gratiot, Grand Rapids, Jackson, Lansing, Muskegon, Okemos, Portage, Roseville, Saginaw, Taylor, Westland and White Lake.