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.
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.
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.
The reopening of shops—at no more than 50% of capacity—is part of Gov. Eric Holcomb’s plan to gradually relax social distancing rules over the next nine weeks.
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.
The 49 Simon Property Group shopping centers that CNBC says are slated to reopen by Monday represent about one-quarter of the company’s U.S. properties.
With store vacancies at an eight-year high, retail landlords see the potential of gamers someday pouring out of their basements and into their shopping meccas as a kind of lifeline.
Since the start of 2020, Simon shares have lost 67.7% of their value—chopping $31 billion off the company’s market capitalization.
Washington Prime Group Inc. has filed a request with the city of Carmel to rezone the 577,614-square-foot shopping center at West 146th Street and U.S. 31 to allow for a variety of new uses.
Authentic Brands Group, Simon Property Group Inc. and Brookfield Property Partners LP have finalized their $81 million acquisition of the struggling retailer, they announced Wednesday.
David Simon said Simon Property Group’s ability to buy a company for $3.6 billion in cash without having to turn to a third party for financing and without suffering credit rating downgrades is a testament to the underappreciated strengths of the business.
Macy’s said Tuesday it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping. The store closures represent about one-fifth of Macy’s current total. They include about 30 that are in the process of closing and account […]
The Indianapolis-based shopping mall giant topped analyst predictions for funds from operations and revenue in the latest quarter.
Express, a national retailer with four Indianapolis-area mall stores, plans to close about 100 stores as part of a restructuring plan.
The Carmel Plan Commission gave a favorable recommendation Tuesday for the City Council to rezone 14 acres at the southeast corner of Meridian Street and Carmel Drive to a less restrictive designation.
The closings this month will be the biggest blow to the mall since Sears shuttered its store there in 2014.
Many of the stores that remain in the ever-shrinking Sears chain have the same old problems. They’re grungy and understaffed, poorly stocked and losing vendors.
The mall’s proposed sale is considered by industry experts to be welcome news for a lower-income neighborhood trying to make a comeback.
The index measures mobile-phone location data from five of the largest U.S. shopping center real estate investment trusts, including Indianapolis-based Simon Property Group Inc.
The Indianapolis-based real estate investment trust topped Wall Street expectations with its revenue in the third quarter and matched predictions for a key performance measure.
