Department Store Sells 119 Locations In Nearly $1B Deal—Including These In NJ

Four New Jersey 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 four New Jersey stores, including those at Freehold Raceway Mall in Freehold, Newport Centre in Jersey City, Woodbridge Center in Woodbridge and Rockaway Townsquare in Rockaway.

As of Wednesday, those New Jersey 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 10 remain operational in Michigan, including the four just sold.

JCPenney also has New Jersey locations in Cherry Hill, Deptford, East Brunswick, Toms River, Trenton and Wayne.