Legal Standoff Puts $947 Million JCPenney Store Deal at Risk

How the Onyx deal unraveled Earlier in 2025, Onyx Partners agreed to buy 117 JCPenney stores from Copper Property CTL Pass Through Trust, the entity created to dispose of real estate following JCPenney’s Chapter 11 restructuring.

The portfolio, valued between approximately $935 million and $947 million in various reports, was originally scheduled to close by early September 2025 but experienced multiple extensions due to unmet closing conditions.​ By December 22, 2025, the Trust filed with the U.S.

Securities and Exchange Commission, saying the agreement would terminate if the buyer failed to close by December 26, triggering what has now become a legal and strategic standoff over who is at fault for the missed deadline. Anton Melchionda, founder and principal/partner at Onyx Partners Ltd., said, “Onyx Partners Ltd.

continues to work toward closing the previously announced transaction in accordance with the purchase agreement,” pointing to “customary seller deliverables” such as tenant documentation that it claims remain outstanding.​ What happens to the 117 stores The 117 affected JCPenney locations span 35 states, including Puerto Rico, with heavy concentrations in Texas and…