/

|

|

A portfolio of 119 J.C. Penney stores is slated to be sold for $947 million to a private equity firm, roughly five years after the iconic national chain filed for bankruptcy protection.

Onyx Partners of Boston entered into a binding purchase and sale agreement for the retail properties, according to Jersey City, New Jersey-based Copper Property CTL Pass Through Trust, an entity created in the wake of J.C. Penney’s 2020 Chapter 11 filing. It was tasked with selling 160 stores and a half-dozen industrial properties to help reimburse the retailer’s investors. Over the years the trust has sold about three dozen stores and most of the warehouses on a piecemeal basis.