Two JCPenney stores in Western Pennsylvania will be sold to a private equity firm near Boston about five years after the retailer filed for bankruptcy, but those stores will remain open.
JCPenney’s locations in Westmoreland Mall and the Mall at Robinson will be among 119 stores sold to Onyx Partners Ltd. The stores are being sold from Copper Property CTL Pass Through Trust, which took control of about 160 J.C. Penney stores and six distribution centers shortly after the retailer announced its bankruptcy in 2020, according to Copper Property.
The $947 million sale is expected to close by Sept. 8, Copper Property said.
Onyx Partners, CBL Properties, owner of the Westmoreland Mall in Hempfield, and Kohan Retail Investment Group, owner of the Mall at Robinson in Robinson, could not be reached for comment Wednesday.
But JCPenney sent an emailed reply seeking comment that said: “The real estate transaction announced yesterday represents a change in landlord but does not impact JCPenney store operations.
“These 119 JCPenney stores will continue to operate and serve our loyal customers and communities.”
Simon Property Group and Brookfield Asset Management in November 2020 took over the remaining J.C. Penney stores not acquired by Copper Property.
The retailer said in May 2020 it would close more than 240 of its 846 stores. Locations in the Pittsburgh Mills, Clearview Mall and Beaver Valley Mall were among the first round of closures.
Century III Mall closed its JCPenney in August 2020. The Ross Park Mall store was sold this year, according to a June property and sales report from Copper Property.
JCPenney still has more than 650 stores, according to its website.
Jessica Cummins, senior vice president of finance and accounting for Hilco Real Estate, the landlord for Penney Intermediate Holdings, deferred to JCPenney for comment on the future of the 119 stores.
“We are not aware of any changes in operations as a result of this sale,” she said.
