Over 100 JCPenney Stores Sold Including These 4 in NJ; Will They Stay Open?
Over 100 JCPenney stores have been sold across several states, according to USA Today.
If you remember, the once-popular department store filed for bankruptcy about five years ago. It was one of the biggest companies to file for Chapter 11 bankruptcy protection.
Over 100 JCPenney stores have been sold
Fast forward a few years. Now, a private equity firm in Boston has made an almost billion-dollar deal to buy 119 JCPenney stores. Closing is expected in early September.
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As part of the company's reorganization plan, the money from the all-cash, $947 million deal will go to JCPenney's creditors. It is one of the biggest department store real estate deals in many years.
Of the 119 stores sold, 4 are in New Jersey
Four of the stores that are being sold are in New Jersey:
Freehold Raceway Mall, Route 9, Freehold.
Newport Centre, Mall Drive West, Jersey City
Woodbridge Center, Woodbridge Center Drive, Woodbridge
Rockaway Townsquare, Mount Hope Avenue, Rockaway
Other JCPenney stores sold were in California, Michigan, Florida, Illinois, Arkansas, Arizona, Colorado, Connecticut, Georgia, Idaho, Iowa, Kansas, Kentucky, Louisiana, Maryland, Pennsylvania, and more. Texas is the state that has the most stores that were sold.
Will the sold stores stay open?
When JCPenney first filed for bankruptcy, the company announced that 200 locations across America would be closing. Seven more stores closed in the spring. What is the fate of the stores that are now being sold?
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A spokesperson for JCPenney released a statement to Newsweek commenting on the status of the sold stores. The statement read, "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." '
For more information, click here.
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