- JCPenney is selling 119 stores for $947 million to Onyx Partners, Ltd., a Boston-based private equity firm.
- Two Tennessee JCPenney locations are included in the sale.
- The sale is expected to close on Sept. 8.
JCPenney is selling over 100 stores to a Boston-based private equity firm, with two locations in Tennessee.
The sale will take place five years after the retailer filed for bankruptcy during the COVID-19 pandemic. The all-cash sale of 119 JCPenney properties to an affiliate of Onyx Partners, Ltd. was announced by Copper Property CTL Pass Through Trust on July 25. The firm will pay $947 million for the 119 stores.
All 119 stores that were sold are currently operational, but may not continue to operate after the sale is complete.
Here are the JCPenney stores in Tennessee that will be sold.
Which JCPenney stores were sold in Tennessee?
Tennessee is one of 35 states with at least one store located within its borders. In the Volunteer State, two stores were sold, one in Memphis and one in Murfreesboro. JCPenney sold its locations in the Wolfchase Galleria in Memphis and the Stones River Mall in Murfreesboro.
Will the JCPenney stores in Tennessee close?
The deal is expected to close on Sept. 8, and it is unclear whether the stores will continue to operate as JCPenney’s.
JCPenney bankruptcy
Newmark and Hilco Real Estate have been seeking buyers for select JCPenney locations. They are working for Copper Property, a trust set up by JCPenney’s lenders after the retailer filed for bankruptcy in 2020. On July 25, Copper Property Trust announced that the buyer has finished its research on the properties. The buyer’s deposit is now non-refundable.
After JCPenney went bankrupt, Copper Property acquired approximately 160 JCPenney stores and six distribution centers. Simon Property Group and Brookfield Asset Management Inc. took control of the other stores. JCPenney now operates around 650 stores and was one of the largest retailers to file for Chapter 11 bankruptcy.
How many JCPenney locations are in Tennessee?
There are 15 JCPenney stores located in Tennessee. Memphis is the only market to have two stores.
- Chattanooga: 2100 Hamilton Place Blvd.
- Clarksville: 2801 Guthrie Hwy, Suite 500
- Cookeville: 400 Dubois Road
- Farragut: 11534 Parkside Drive
- Franklin: 1780 Galleria Blvd.
- Goodlettsville: 1000 Rivergate Pkwy., Suite 3
- Jackson: 2021 N Highland Ave., Suite 15
- Johnson City: 2011 N Roan St.
- Knoxville: 7600 Kingston Pike
- Memphis: 2756 N Germantown Pkwy.
- Memphis: 7700 Polo Grounds Blvd.
- Mt. Juliet: 401 S. Mount Juliet Road, Suite 630
- Murfreesboro: 1720 Old Fort Pkwy.
- Oak Ridge: 333 Main St., Suite 200
- Tullahoma: 1600 N Jackson St.
USA TODAY contributed to this story.
Jordan Green covers trending news for The Commercial Appeal. She can be reached at [email protected].
