The retail world is bracing for another big shake-up.
Just when it seemed like things were settling after a wave of pandemic closures, JCPenney has made a bold and surprising move.
The iconic department store chain, which has been part of American life for over a century, is selling off 119 of its stores.
And while the doors of those stores remain open for now, the future is anything but certain.
119 Stores Changing Hands in $947 Million Deal
JCPenney is handing over 119 of its locations to private equity firm Onyx in a deal valued at $947 million.
The transaction is expected to close by September 8, and the money raised will go directly toward paying off old debts—part of a larger effort to stay afloat in a fast-changing retail world.
The affected stores span 35 states and Puerto Rico, with Texas topping the list for the most closures.
Though they remain operational at the moment, there’s no word yet on what long-term plans Onyx has for them.
A Company Still Recovering from Bankruptcy
The decision to sell off more stores isn’t exactly surprising given JCPenney’s recent history.
The company filed for bankruptcy in 2020 during the height of the COVID-19 pandemic and ended up shutting down 30% of its locations at the time, reducing its total to about 650.
Earlier this year, another seven stores closed, following industry-wide patterns of downsizing.
Retail analysts say this is just the beginning of what could be a sweeping shift in physical retail, with up to 15,000 stores expected to close in 2025 alone.
Shoppers have shifted heavily to online platforms, leaving big-name chains like Macy’s, Party City, and Big Lots struggling to keep up.
What Led to JCPenney’s Decline?
While the pandemic played a role in speeding up JCPenney’s downfall, the root problem started earlier—long before COVID-19 hit.
The rise of e-commerce fundamentally changed consumer behavior, and JCPenney struggled to adapt.
Outdated store formats, weak digital presence, and stiff competition contributed to its ongoing financial troubles.
When the company restructured post-bankruptcy, its assets were split between two groups: Brookfield Asset Management and Simon Property Group took control of the main business and 490 stores, while a trust called Copper Property—set up by lenders—took over 160 stores and six distribution centers.
The 119-store deal with Onyx is part of this restructuring plan.
More Than Just Stores at Stake
The impact of the sale isn’t limited to retail spaces.
A major warehouse in Texas is also shutting down, putting roughly 300 jobs at risk.
According to retail expert Neil Saunders from GlobalData, this real estate liquidation was always part of the bankruptcy agreement, which aimed to pay back creditors through the sale of valuable assets.
A New Vision with Catalyst Brands
Despite the turbulence, JCPenney isn’t giving up.
Earlier this year, the company announced a major merger with other mall-based brands such as Aéropostale, Brooks Brothers, and Eddie Bauer to form a new parent company called Catalyst Brands.
Former JCPenney CEO Marc Rosen is leading this effort, with hopes of pooling resources and revitalizing these legacy names under one roof.
Some industry insiders are cautiously hopeful.
Saunders points out that while there are positive signs, the company’s turnaround strategy is still inconsistent.
“JCPenney is midway through a reinvention,” he said, “but the challenge is pulling all the pieces together to build real momentum.”
The Bigger Picture in Retail
JCPenney isn’t the only giant feeling the pressure.
Macy’s has announced plans to close 150 stores by 2026, with 66 already gone—including the historic Massapequa store in New York.
Plus-size retailer Torrid quietly shut down up to 180 stores, and Forever 21—once a teen fashion powerhouse—called it quits after filing for bankruptcy twice in just five years.
Full List of JCPenney Stores Being Sold
The list of affected locations is extensive, touching almost every corner of the country.
Here are the states and cities where stores are being sold:
Arkansas
- The Mall at Turtle Creek, Jonesboro
- Shackleford Crossing, Little Rock
Arizona
- Arrowhead Towne Center, Glendale
- Superstition Springs Mall, Mesa
- Yuma Palms Regional Center, Yuma
- Palm Valley Cornerstone, Goodyear
California
- Solano Town Center, Fairfield
- Westfield Plaza Bonita, National City
- Glendale Galleria, Glendale
- Huntington Park CBD, Huntington Park
- Westfield Santa Anita, Arcadia
- Plaza at West Covina, West Covina
- Galleria at Tyler, Riverside
- Westfield Palm Desert, Palm Desert
- Westfield North County, Escondido
- The Shops at Montebello, Montebello
- Valley Plaza, Bakersfield
- Antelope Valley Mall, Palmdale
- Arden Fair Mall, Sacramento
- Brea Mall, Brea
- Pacific View Mall, Ventura
- Northridge Fashion Center, Northridge
- Imperial Valley Mall, El Centro
- Victoria Gardens, Rancho Cucamonga
- The Orchard at Slatten Ranch, Antioch
Colorado
- Town Center at Aurora, Aurora
- First & Main Town Center, Colorado Springs
Connecticut
- The Shoppes at Buckland Hills, Manchester
- Westfarms Mall, Farmington
- Danbury Fair, Danbury
Florida
- Westfield Brandon, Brandon
- Westfield Countryside, Clearwater
- Westfield Broward, Plantation
- Pembroke Lakes Mall, Pembroke Pines
- The Mall at Wellington Green, Wellington
- Pier Park, Panama City Beach
Georgia
- South Point S/C, McDonough
Iowa
- Coral Ridge Mall, Coralville
Idaho
- Boise Towne Square, Boise
Illinois
- Orland Square, Orland Park
- North Riverside Park Mall, North Riverside
- Hawthorn S/C, Vernon Hills
- Oakridge Court, Algonquin
- Mokena Marketplace, Mokena
Indiana
- Hamilton Town Center, Noblesville
Kansas
- Oak Park Mall, Overland Park
Kentucky
- Florence Mall, Florence
- Ashland Town Center, Ashland
Louisiana
- Mall of Louisiana, Baton Rouge
Massachusetts
- Northshore Mall, Peabody
Maryland
- White Marsh Mall, Baltimore
- St Charles Town Center, Waldorf
Michigan
- Oakland Mall, Troy
- Lakeside Mall, Sterling Heights
- Twelve Oaks Mall, Novi
- Grand Traverse Mall, Traverse City
- Rivertown Crossings, Grandville
- Waterside Marketplace, Chesterfield Township
Minnesota
- Rosedale S/C, Roseville
Missouri
- Mid Rivers Mall, St Peters
- The Plaza at Shoal Creek, Kansas City
Mississippi
- Southaven Towne Center, Southhaven
North Carolina
- The Streets at Southpoint, Durham
New Hampshire
- The Mall at Rockingham Park, Salem
New Jersey
- Rockaway Townsquare, Rockaway
- Woodbridge Center, Woodbridge
- Newport Centre, Jersey City
- Freehold Raceway Mall, Freehold
New Mexico
- Coronado Center, Albuquerque
- Cottonwood Mall, Albuquerque
Nevada
- Meadowood Mall, Reno
- Meadows Mall, Las Vegas
- Galleria at Sunset, Henderson
New York
- Gateway Shopping Center I & II, Brooklyn
- Staten Island Mall, Staten Island
- The Mall at Bay Plaza, Bronx
Ohio
- SouthPark Center, Strongsville
- The Mall at Tuttle Crossing, Dublin
- Polaris Fashion Place, Columbus
- The Shops at Fallen Timbers, Maumee
- Stone Creek Towne Center, Colerain Township
Oklahoma
- Center Owasso, Owasso
- Penn Square Mall, Oklahoma City
- Shops at Moore, Moore
Oregon
- Clackamas Town Center, Portland (Happy Valley)
Pennsylvania
- Westmoreland Mall, Greensburg
- The Mall at Robinson T/C, Pittsburgh
- High Pointe Commons, Harrisburg
Puerto Rico
- Mayaguez Mall, Mayaguez
- Plaza Centro, Caguas
Tennessee
- Wolfchase Galleria, Memphis
- Stones River Mall, Murfreesboro
Texas (most impacted)
- Mall Del Norte, Laredo
- Golden Triangle Mall, Denton
- Midland Park Mall, Midland
- Killeen Mall, Killeen
- Valle Vista Mall, Harlingen
- Post Oak Mall, College Station
- New Braunfels T/C at Creekside, New Braunfels
- The Parks at Arlington, Arlington
- Lakeline Mall, Cedar Park
- First Colony Mall, Sugarland
- Deerbrook Mall, Humble
- Sunrise Mall, Brownsville
- Baybrook Mall, Friendswood
- Fairmont Center, Pasadena
- Southpark Meadows S/C, Austin
- Alliance Town Center, Fort Worth
- Waxahachie Towne Center Crossing, Waxahachie
- El Mercado Plaza, El Paso
- Sherman Town Center, Sherman
- Teas Crossing, Conroe
- The Shops at Stone Park, Houston
Virginia
- Southpark Mall, Colonial Heights
- Peninsula Town Center, Hampton
Washington
- Bellis Fair, Bellingham
Wisconsin
- Fox River Mall, Appleton
What Lies Ahead for JCPenney?
This massive store sell-off could either be a turning point or the beginning of the end for JCPenney as we know it.
With a new leadership structure in place, a leaner footprint, and big names under one brand umbrella, the company is betting on reinvention.
Whether these efforts are enough to compete in an increasingly digital world remains to be seen.
But one thing is clear: the retail landscape is evolving fast, and only the most adaptable will survive.
