Simon Property Group, the nation’s biggest mall owner, has negotiated a lower price to purchase a controlling interest in Taubman Centers in a deal that was nearly killed by the coronavirus pandemic.
The San Francisco-based retailer, which was for decades a fixture at shopping malls around the country, said Thursday that it will be closing one-third of its store base.
The COVID-19 pandemic is accelerating the trend of shopping-mall owners rethinking how to reposition their properties amid the rise of e-commerce and consumers wary of venturing into enclosed retail shops and restaurants.
Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain J.C. Penney out of bankruptcy and keep the chain running.
Macy’s Inc. on Wednesday reported a fiscal second-quarter loss of $431 million, after reporting a profit in the same period a year earlier.
The storied Manhattan clothier Brooks Brothers is filing for bankruptcy protection.
The nation’s largest mall owner is backing out of a $3.6 billion deal to buy a major rival as the coronavirus pandemic shakes the retail industry.
J.C. Penney said Thursday that it will start closing 154 of its stores next week in what it is calling the first phase of its efforts to shrink its footprint.
The coronavirus pandemic has pushed the storied but troubled department store chain J.C. Penney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate.
The owner of J.Crew is filing for bankruptcy protection, the first major retailer to do so since the pandemic forced the closing of most stores in the United States.
