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Simon Property Group

Business
Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator
Mall Brand Merger: JCPenney Unites With Forever 21, Aeropostale, Brooks Brothers Operator JCPenney is merging with a company that owns several other retailers that have also struggled as malls have declined in popularity across the U.S. The 123-year-old department store chain and SPARC Group have combined to form Catalyst Brands, the new company said in a news release on Wednesday, Jan. 8. SPARC Group is the operator of stores including Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, Lucky Brand, and Nautica. Former JCPenney CEO Marc Rosen will become the CEO of Catalyst Brands, which boasts more than $9 billion of revenue and about 60,000 employees at …

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by Chris Spiker
News
Neiman Marcus Sues Boston Mall Owners For $50 Million Over Contract Breach Neiman Marcus Sues Boston Mall Owners For $50 Million Over Contract Breach
Neiman Marcus Sues Boston Mall Owners For $50 Million Over Contract Breach Neiman Marcus said it lost millions of dollars after it agreed to shrink the size of its store to allow for the construction of a skyscraper in Boston's Back Bay neighborhood. Those plans fell through, and now the retailer is suing the developer for $50 million to recoup the money Neiman Marcus says it lost because of the project.  Neiman Marcus filed a lawsuit on Tuesday, July 19, in Suffolk Superior Court against Simon Property Group, the owners of Copley Place mall.  Simon Property had planned to build a 52-story residential high-rise above the retail store at 5 Copley Pl…

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by Josh Lanier
Business
JCPenney Offers Billions To Buy Rival Kohl's, Report Says JCPenney Offers Billions To Buy Rival Kohl's, Report Says
JCPenney Offers Billions To Buy Rival Kohl's, Report Says The owners of JCPenney are bidding to acquire rival Kohl’s, according to a new report. Shopping-mall owners Simon Property and Brookfield Asset Management have offered around $8.6 billion for Kohl's stores, the New York Post reports. Under the plan, JCPenney's parent company would maintain two separate brands and cut costs by $1 billion at Kohl’s over the next several years, the Post said, citing a source. After filing for bankruptcy in the spring of 2020, JCPenney was acquired by Simon Property Group and Brookfield Asset Management. With about 1,160 locations in every state except Hawaii…

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by Joe Lombardi