Who owns JCPenney?

In January 2025, JCPenney merged with SPARC Group in an all-equity transaction to form Catalyst Brands LLC, headquartered in Plano, Texas.

Catalyst Brands is a joint venture with shareholders Simon Property Group, Brookfield Corporation, Authentic Brands Group, and Shein.

Catalyst Brands launched with more than $9 billion in revenue, 1,800 store locations, and 60,000 employees.

SEC filings confirm the post-bankruptcy operating entity is Penney Intermediate Holdings LLC, with consolidated financial statements filed through the Copper Property CTL Pass Through Trust.

On December 7, 2020, retail operations were sold out of Chapter 11 bankruptcy to Penney OpCo LLC, an entity controlled by Simon Property Group and Brookfield Asset Management, for $1.75 billion.

Prior to bankruptcy, JCPenney was publicly traded on the NYSE under ticker 'JCP' as J. C. Penney Company, Inc., incorporated in Delaware.

Simon Property Group is a publicly traded REIT (NYSE: SPG), not a private equity firm.

Analysts note Simon and Brookfield invested in JCPenney and other retailers primarily to protect their mall real estate portfolios by keeping anchor tenants, not as traditional PE return-seeking investment.

Copper Retail JV LLC, formed by Simon Property Group and Brookfield Property Partners, acquired 100% of the outstanding equity of Sparc Group Holdings in December 2024, facilitating the merger.

Brookfield Asset Management is the parent of Brookfield Properties, the second-largest U.S. shopping mall owner — a publicly traded asset manager/REIT, not a traditional PE buyout fund.