Sale of JCPenney Store in Freehold, NJ Mall Falls Through; Now What?

Back in July, NJ.com reported the sale of over 100 JCPenney stores for almost a billion dollars, cash. The Freehold Raceway Mall JCPenney store was one of four New Jersey stores included in the sale to Onyx Partners, LTD. The other Garden State locations to be sold were Woodbridge, Jersey City, and Rockaway.

Even though JCPenney stores were being sold they would not close

At the time, loyal customers worried their favorite store would close. But, the article said the sale wouldn't affect the operations of the Freehold store, or any of the stores up for sale, at all.

READ MORE: Major Department Store coming soon to Freehold Raceway Mall

It simply meant there would be a new landlord. The stores would not be shutting down, even though the chain filed for bankruptcy five years ago.

The sale fell through right after Christmas

Fast forward a few months, and the sale fell through.

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Asbury Park Press is reporting the Freehold Raceway Mall store is now "in limbo" after the deal didn't go through right after Christmas, like it was supposed to.

Copper Property CTL Pass Through Trust was formed after JCPenney filed for bankruptcy. The company said in a regulatory filing that it has now ended its sales contract with Onyx Partners because the closing didn't happen by December 26.

READ MORE: Big changes coming to Freehold Raceway Mall

A lawsuit has been filed

Onyx says Copper Property CTL Pass Through Trust breached the agreement and has filed a lawsuit, which Copper Property Trust is contesting.

In the meantime, Copper Property Trust said it will look for new buyers, and has some interest.

What does this mean for your JCPenney shopping experience in Freehold Raceway Mall?

Nothing. The store is still open. Keep shopping.

I bet there are some great January sales going on right now, so go get 'em.