WASHINGTON — A Boston-based private equity firm is purchasing 119 JCPenney stores for nearly $1 billion, about five years after the retailer filed for bankruptcy .

Onyx Partners, Ltd. will acquire the properties in a $947 million all-cash transaction from Copper Property CTL Pass Through Trust, a trust formed by the retailer's lenders after its 2020 bankruptcy, according to a July 25 announcement .

The deal is scheduled to close on or before Sept. 8, Copper Property announced in its press release . According to USA Today , money from the transaction will go to JCPenney creditors.

JCPenney, which has nearly 650 store locations across the country, emerged from a Chapter 11 bankruptcy in December 2020 with new owners. Earlier this year, it confirmed it was closing seven stores

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