University Inn & Suites Berkeley hotel files for Chapter 11 bankruptcy
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Yahoo
12 hours ago
- Yahoo
119 JCPenney stores sold in nearly $1 billion deal, including 6 in Florida
Another change is coming to JCPenney stores around the U.S. and this time Florida could feel an impact. A Boston private equity firm will pay $947 million for 119 JCPenney stores, including six in Florida. The all-cash sale of 119 JCPenney properties to an affiliate of Onyx Partners, Ltd. was announced by Copper Property CTL Pass Through Trust July 25. The transaction is scheduled to close on or before Sept. 8. In February, JCPenney announced eight locations would be closed this year, adding to the list of more than 200 closures planned. No Florida stores were on the list. Here's what to know. Why is JCPenney closing stores? JCPenney filed for Chapter 11 bankruptcy protection in May 2020. At the time, the company said it would close more than 200 locations across the country. The chain was later acquired by Simon Property Group and Brookfield Asset Management Inc. in December 2020. In January 2025, JCPenney said it had partnered with Forever 21 to create a new company called Catalyst Brands. The department store chain, which currently has about 650 stores, was one of the largest retailers to file for Chapter 11 bankruptcy protection. Will the 119 JCPenney stores sold remain open? All 119 stores — including six in Florida — that were sold are currently open for business. The buyer, Onyx Partners, did not respond to a request for comment from USA TODAY. Which JCPenney stores in Florida, US are being sold? Map shows JCPenney stores sold in Florida Among the 119 stores sold were six in Florida, located in: Brandon Clearwater Panama City Beach Pembroke Pines Plantation Wellington How many JCPenney stores are left in Florida? According to JCPenney's website, there are 44 stores open in Florida in the following cities: Altamonte Springs Aventura Boynton Beach Brandon Clearwater Clermont Coral Springs Davenport Daytona Beach Fort Myers Gainesville Hialeah Jacksonville Jensen Beach Kissimmee Lake City Lakeland Melbourne Merritt Island Miami - 3 Naples Ocala Ocoee Orange Park Orlando Panama City Panama City Beach Pembroke Pines Pensacola Plantation Pompano Beach Port Charlotte St. Petersburg Sanford Sarasota Spring Hill Tallahassee Tampa - 2 Vero Beach Wellington What is Copper Property CTL? Copper Property CTL Pass Through Trust was established to acquire 160 retail properties and six warehouse distribution centers from JCPenney as part of its Chapter 11 plan of reorganization. Contributing: Mike Snider, Sara Chernikoff, USA Today This article originally appeared on Palm Beach Post: JCPenney sells 119 stores for $947 million. See Florida, US locations Solve the daily Crossword
Yahoo
14 hours ago
- Yahoo
119 JCPenney stores sold, including these 4 in Arizona. Here's what to know
More than 100 JCPenney stores, including four in Arizona, will be sold to a Boston private equity firm for $947 million. The all-cash sale of 119 JCPenney properties to an affiliate of Onyx Partners, Ltd. was announced on July 25. The companies expect a Sept. 8 closing of the deal for the net-lease stores, which pay rent and operating expenses. Property management company Newmark and Hilco Real Estate had been seeking buyers for these JCPenney locations for Copper Property, a trust formed by JCPenney's lenders as part of the retailer's reorganization after its 2020 bankruptcy filing. Following JCPenney's bankruptcy, Copper Property took control of about 160 JCPenney locations and six distribution centers. Simon Property Group and Brookfield Asset Management Inc. took over JCPenney operations and the remaining locations. The department store chain, which currently has about 650 stores, was one of the largest retailers to file for Chapter 11 bankruptcy protection. The money from the transaction will go to JCPenney creditors. After closing costs, between $928 million and $932 million will be distributed, principal financial officer Larry Finger said on July 28 during a conference call discussing the transaction. Which JCPenney stores in Arizona were sold? These Arizona stores were set to be sold by Sept. 8: Glendale: Arrowhead Towne Center location, 7750 W. Arrowhead Towne Center Goodyear: Palm Valley Cornerstone location, 13333 W. McDowell Road Mesa: Superstition Springs Mall location, 6525 E. Southern Ave . Yuma: Yuma Palms Regional Center location, 1375 S. Yuma Palms Parkway Will the JCPenney stores close? All 119 stores that were sold are currently operational. The buyer, Onyx Partners, did not respond to a request for comment from USA TODAY. JCPenney closed more than 200 U.S. locations when the retailer filed for bankruptcy amid the COVID-19 pandemic. More recently, seven store closings announced in February 2025 became official in May 2025. No Arizona locations were shuttered. JCPenney stores in Arizona There are 17 JCPenney stores in Arizona, including the four stores that were sold. The other stores are located at: Ahwatukee Foothills: 5050 E. Ray Road Casa Grande: 1041 N. Promenade Parkway Chandler: 2180 S. Gilbert Road Douglas: 90 W Fifth St. Flagstaff: 4600 N. US 89 Lake Havasu City: 5651 State Route 95 N. Nogales: 220 W. Mariposa Road Phoenix: 4510 E. Cactus Road Prescott: 3200 Gateway Blvd. Show Low: 4481 S. White Mountain Road Tempe: 1900 E Rio Salado Parkway Tucson: 4530 N. Oracle Road; 5265 S. Calle Santa Cruz This article originally appeared on Arizona Republic: 119 JCPenney stores sold, including these 4 in Arizona. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
17 hours ago
- Miami Herald
Popular fast-food chain faces Chapter 7 bankruptcy
Once a company files Chapter 11 bankruptcy, it gives up control of its future, and one popular fast-food fried chicken chain has learned that doing that puts its very survival at risk. The second a bankruptcy court judge accepts a company's Chapter 11 filing, the court then retains the ultimate say. That means that a judge could accept or reject the company's plans. Related: Popular beer and wings chain closes all restaurants, no bankruptcy It's not unprecedented for a company to be liquidated because the bankruptcy court believes that's the best plan for vendors, landlords, and employees owed money. In many cases, even when a bankruptcy judge accepts a plan to emerge from Chapter 11 bankruptcy, it comes with strings attached. That's what's happening in the case of Sticky's, formerly Sticky's Finger Joint. The popular fast-food fried chicken chain filed for Chapter 11 bankruptcy over a year ago and has since closed most of its locations The chain has a plan, and a financial backer, to emerge from Chapter 11 bankruptcy, but the plan has only been tentatively accepted by the Delaware bankruptcy court. If the chain can't get a more formal plan agreed upon and approved, the judge has made it clear that it will force the chain into Chapter 7 bankruptcy. Image source: Shutterstock Sticky's has been on the edge of the end, being forced into a Chapter 7 bankruptcy liquidation for months. The once 12-location chain has closed many of its stores and has been operating with the threat of closure hanging over it. A June court hearing denied the company permission to sell itself for $2 million to Harker Palmer, an investment firm. "The money we invest is our money. Which means we can work with founders to build value for the long-term without the need to think about 'exits' or 'timelines.' We can make choices based on our commitment to sound business strategy and maximizing long-term value," the investment company shared on its website. In June, the bankruptcy court did stop short of forcing the company into a Chapter 7 bankruptcy liquidation. Instead, it gave the company more time to make a deal with its debt-holders, and in July, a deal was tentatively approved. More Bankruptcy: Popular pizza dining chain franchisee files Chapter 11 bankruptcyMajor trucking operation files Chapter 11 bankruptcyLas Vegas casino owner files for Chapter 11 bankruptcy A June 6 hearing to decide on the revised plan took place as scheduled. As of June 10, 2025, a Bloomberg report confirmed the court refused modifications that would reduce administrative claim payments - mandating full payment unless creditors agreed July 2025, a court ruling granted tentative approval for a $2 million asset sale and allowed Sticky's to continue operating under Chapter 11, delaying Chapter 7 liquidation for now. Under the specific type of Chapter 11 bankruptcy Sticky's filed, it has to pay off its vendors, landlord, and other claims in order to emerge from the proceedings. The July court decision allowed it to pay off US Foods, an essential vendor, but it still has to make deals with other creditors. When it's not in court battling to avoid Chapter 7 bankruptcy liquidation, Sticky's has a fairly simple mission. "Sticky's was created out of a love for chicken fingers and the desire to think outside of the box. Our founders realized that there were a lot of New Yorkers who really loved chicken fingers but didn't have a great place to get them; and thus, Sticky's was born! Our mission is to create the best damn experience through the comfort of chicken fingers in a fun, inclusive space," it shared on its website. The chain has formally closed three locations and one ghost kitchen, although it's unclear if more have, or will be, closed. Related: Chapter 7 bankruptcy: 100-year-old furniture chain liquidated Harker Palmer is a hands-on investor. "We aren't entrepreneurs, but we have spent our career backing those who are. Our job is to support that takes. We may help formulate strategy, recruit management talent, access industry connections, raise growth just be someone to talk to. We are never afraid to roll up our sleeves and support the goal of sustained, quality growth," the investment firm posted. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
