New York City-based RCS said the agreement Simon Property Group made with Premium Apparel LLC will keep all 235 stores in Simon malls open.
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Indianapolis-based Simon said it lost about 20% of its total shopping days last year at its U.S. malls because of government-mandated shutdowns related to the pandemic.
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Simon Property Chairman and CEO David Simon will serve as chairman of the special purpose acquisition company. His 33-year-old son, Eli Simon, senior vice president of corporate investments at Simon Property, will be its CEO.
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The Great American Songbook Foundation said it is nearing the sale of its 107-acre Asherwood estate in Carmel to a private individual and a developer that wants to turn part of the property into an estate community.
Read MoreWashington Prime Group, a Simon Property Group spinoff that owns several other local shopping centers, barely missed defaulting on a $23.2 million interest payment this week before securing a forbearance agreement that ends on March 31.
The new owners of JC Penney replaced CEO Jill Soltau less than a month after re-launching the department store chain that went bankrupt during the pandemic.
Among the companies losing ground Tuesday was Indianapolis-based Simon Property Group Inc., which fell 2.6% after the shopping mall operator completed its $3 billion purchase of an 80% stake in rival Taubman Centers.
Indianapolis-based shopping mall giant Simon Property Group will reinstate the pay of executives and board members who had been working under pandemic-related pay cuts since spring, the company announced Monday.
Simon, the nation’s largest mall owner, had said in February that it would pay $3.6 billion for 80% of Michigan-based Taubman Centers Inc. But it announced in June it wanted out of the deal, a stance that landed the companies in court.
Simon Property Group, which is expected to acquire J.C. Penney out of bankruptcy with partners in an agreement approved Monday, reported third-quarter results that fell short of Wall Street expectations.
Pennsylvania Real Estate Investment Trust and CBL & Associates Properties Inc. sought protection from creditors Sunday, citing pandemic-induced pressures. The two REITs account for about 87 million square feet of real estate across the U.S.
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.
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.
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.
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.
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.
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.
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.
Simon is veering into retailer ownership in a substantial way, emboldened by its successful partnership with two other firms to buy the teen-oriented mall chain Aeropostale out of bankruptcy court in 2016.
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.
