F
ive months after announcing a nearly $1 billion transaction, the sale of more than 100 J.C. Penney stores collapsed. RetailDive reports that a regulatory filing from Copper Property CTL Pass‑Through Trust confirmed the deal failed to close. The filing states that if Boston‑based Onyx Partners Ltd. does not finalize the purchase by Dec. 26, the agreement will terminate. In July, Onyx and Copper Property announced a $947 million acquisition of 119 J.C. Penney locations, with an expected closing in September. The closing date was repeatedly pushed back, the latest target being Dec. 22, when the paperwork declaring the sale failed was filed. The reason for the collapse remains unknown, as Copper Property executives declined to comment.

    Copper Property Trust was created after J.C. Penney filed for bankruptcy in 2020. It manages leases for 160 retail sites and six distribution centers while searching for a buyer; it does not own the retailer. Today, J.C. Penney operates over 650 stores across the United States and Puerto Rico.