2 VA JCPenney Stores Sold In Nearly $1B Deal

Two Virginia JCPenney stores are among 119 stores sold to a Boston private equity firm in a nearly $1 billion deal.

Onyx Partners paid $947 million in an all-cash transaction, according to Copper Property CTL Pass Through Trust, which took over 160 JCPenney Stores when the company declared bankruptcy in 2020. The deal is expected to close 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 released by USA Today, two Virginia locations were sold in the deal, including:

• Southpark Mall: 6 Southpark Mall, Colonial Heights
• Peninsula Town Center: 2071 Coliseum Drive, Hampton

All affected stores are currently open, but it's unclear whether they will remain operational under new ownership.

The department store currently has 16 locations in Virginia:

• Chesapeake
• Colonial Heights
• Fairfax
• Fredericksburg
• Hampton
• Harrisonburg
• Lynchburg
• Newport News
• Richmond (2)
• Roanoke
• Springfield
• Sterling
• Virginia Beach
• Winchester
• Woodbridge

Since its bankruptcy filing, the retailer has closed nearly 200 stores across the country, including seven in May.

At the time, a spokesperson for the company said, "We look forward to continuing to serve our customers at our nearly 650 store locations across the country and online at jcpenney.com.

Get The Latest Local News (For Free!) With One Quick Tap