The closure of so many mall stores will be a blow to Indianapolis-based shopping center giant Simon Property Group. Gap Inc. has more than 390 stores at Simon’s malls, including its namesake brand, Old Navy and Banana Republic.
J.C. Penney predicts bankruptcy protection exit by Christmas
Substantially all of J.C. Penney’s retail and operating assets will be acquired by Indianapolis-based Simon Property Group and Brookfield Asset Management Inc. and through a combination of cash and new term-loan debt.Read More
Simon Property Group to keep all malls closed on Thanksgiving Day
Indianapolis-based shopping mall giant Simon Property Group announced Monday that it plans to join the growing retail trend of not being open on Thanksgiving Day.Read More
Simon, Brookfield reach deal with lenders to acquire bankrupt J.C. Penney
The tentative rescue deal, which would preserve about 70,000 jobs, includes a $300 million equity investment by landlords Simon Property Group and Brookfield Property Partners, a lawyer for J.C. Penney said at a Wednesday bankruptcy hearing in Texas.Read More
J.C. Penney lenders plan takeover after talks with Simon, other bidders stall
J.C. Penney filed for bankruptcy May 15, part of a wave of already-struggling merchants undone by the pandemic. Simon Property, Brookfield Property Partners and Authentic Brands Group were in talks to buy the retailer.Read More
The media is fascinated by what he’s up to, as the nation’s largest shopping mall owner teams with partners to buy ailing retail chains while negotiating with Amazon to fill vacant anchor spaces with distribution centers.
News of the $140 million deal comes in the same week that Simon Property Group and Authentic Brands Group agreed to acquire legendary clothier Brooks Brothers.
The venture between Authentic Brands Group and Simon Property Group will continue running at least 125 of Brooks Brothers’ 200 stores as part of the deal.
The Indianapolis-based shopping mall operator said all of its U.S. properties have reopened, with the exception of a handful in California that were forced to close for a second time on July 15 because of government mandates.
Louis Vuitton is ranked as the world’s most valuable luxury brand, with a value of $47.2 billion, topping Chanel, Hermes, Gucci, Rolex and others.
Under the terms of the agreement, the Simon-back venture intends to purchase substantially all of the iconic retailer’s global business operations as a going concern. It has committed to acquiring at least 125 Brooks Brothers retail locations.
Microsoft is dramatically shrinking its in-person retail business and will permanently close all but four of its brick-and-mortar locations, after its attempts to replicate Apple’s success with storefronts failed to get traction.
The lease will be COhatch’s second with Circle Centre landlord Simon Property Group. The firm previously announced plans to open a coworking space at Simon’s Hamilton Town Center in Noblesville.
David Simon and Bobby Taubman are battling now in court over whether Simon Property Group is obligated to complete the $3.6 billion purchase of Michigan-based Taubman Centers that it announced in February.
The suit, filed Wednesday in Marion County Superior Court, says the retailer failed to pay rent for April, May and June while closed during the pandemic.
Taubman Centers said in a filing alleging illegal termination that rival mall landlord Simon Property Group knowingly assumed the risks of the pandemic at the time their $3.6 billion merger deal was announced.
Authentic and Simon Property Group also are in discussions with Brooks Brothers Inc. on a joint bid that would be part of a potential bankruptcy filing by that clothing retailer.
Signaling a legal brawl lies ahead, Taubman said Simon “continues to be bound to the transaction in all respects.”
Simon shares fell nearly 6% in early trading Wednesday, to $81.71 each. Taubman shares plummeted nearly 30% after the announcement, to $31.94 each.
Gap Inc. has more than 390 stores at Indianapolis-based Simon’s malls, including its namesake brand, Old Navy and Banana Republic.
CEO David Simon said the company is continuing to work closely with its tenants but declined to discuss how it is assisting those that have faced financial strains from limited or diminished operations.
A smattering of shoppers found a mixed bag of offerings on the first day that nonessential stores were allowed to open, with many retailers remaining closed or still providing pickup-only service.
Simon says it won’t defy state-at-home orders in reopening malls, calls speculation it might ‘very offensive’
A company official said it’s “preposterous” to think the company would reopen its malls, especially those in its home state, while stay-at-home orders are still in place.