It was just announced that 119 JCPenney locations are going to be sold-off. So what does this mean for the 123 year-old brand? Back in 2020, CNN reported that JCPenney declared Chapter 11 bankruptcy.

JCPenney has sold 119 stores to an affiliate of Onyx Partners. It's unclear thus far what this will mean for those sites.

SEATTLE — JCPenney is selling its Kennewick store as part of a nationwide sell-off involving 119 stores. The retailer announced the $947 million transaction last week, stating that the Boston-based private equity firm, Onyx Partners, Ltd., will purchase the properties. The move comes five years after JCPenney filed for bankruptcy.