Onyx Partners Ltd.’s plan to purchase 117 JCPenney stores for $935 million has been delayed several times since it was first announced in July 2025, fueling speculation that the deal was in danger of collapsing. However, according to a Dec. 24, 2025 statement by Onyx, the commercial real estate and private equity company is continuing to work toward closing the transaction.
The stores are currently owned by the Copper Property CTL Pass Through Trust, which had been established to acquire 160 stores and six DCs following JCPenney’s May 2020 bankruptcy and subsequent purchase by Simon Property Group and Brookfield Asset Management in December 2020.
The original announcement of the transaction had forecast that it would close on Sept. 8, 2025, but closing dates were delayed throughout the fall. On Dec. 22, the Trust filed a form with the Securities and Exchange Commission saying that the agreement would terminate “if the Buyer does not close the transaction on Dec. 26, 2025.”
“Onyx Partners Ltd. continues to work toward closing the previously announced transaction in accordance with the purchase agreement,” said Anton Melchionda, Founder and Principal/Partner at Onyx Partners Ltd. in a statement. “Certain customary seller deliverables remain outstanding, including tenant-related documentation and those items are being addressed.”
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