Find in the news:
BY COUNTRY

Mall owners want to save J.C. Penney from bankruptcy



A network of department stores with a century-long history has a chance of avoiding bankruptcy and surviving a pandemic.
J.C. Penney Wikimedia

As it became known during the bankruptcy hearings of the American chain of department stores J.C. Penney, the company concluded a preliminary deal to sell its business. Buyers will be the largest landlords of department stores, owners of shopping centers Simon Property Group Inc. and Brookfield Property Partners LP, and some other landlords. 

Such a step was expected by many market experts, who say it is shopping centers that are most interested in keeping J.C. Penney afloat. Even large malls are experiencing an outflow of retail brands due to the pandemic's consequences. The closure of department stores may be the last thing on their minds.

Thus, the networks' financial situation, which is already quite precarious, has been further aggravated by the pandemic and the possibility of avoiding liquidation. According to preliminary data, the deal's amount, which the parties agreed on, will be $800 million. At the same time, we are talking about the transfer of debt obligations of J.C. Penney to buyers in the amount of about $500 million and investments of $300 million. 

Under Chapter 11 of the U.S. Bankruptcy Code, J.C. Penney applied for bankruptcy back in May 2020. And suppose the courts approve the transaction. In that case, the company will avoid closing hundreds of department stores in shopping centers and other locations across the country. It plans to preserve about 600 department stores, while more than 200 locations will still be closed.
 

More about shopping malls in the USA



DAY BEFORE YESTERDAY, USA:
Simon Property Group has reported 80% revenue growth compared to June 2020.
DAY BEFORE YESTERDAY, USA:
The introduction of a tax would address several issues related to the growing consumption of animal meat.
Jul 29, 2021, USA:
Tesla stores are leaving mallsThe electric car maker is taking another blow to the position of malls that are losing tenants one-by-one.
Jul 29, 2021, Estonia:
The initial value of the 55,000 sq.m. complex is €85 million.
Jul 28, 2021, United Kingdom:
Two years after Philip Morris announced its plans to expand the British chain, it has become known of its intention to close it completely.
Jul 28, 2021:
Those who have not been vaccinated will not access public spaces, such as government offices, restaurants, and shopping malls.
Friend
and Follow
Liberty Center GLA:828 821 SF
USA . Cincinnati
Liberty Center
212 Istanbul Power Outlet GLA:753 474 SF
ADDRESS: Mahmutbey Merkez Mah. Taşocağı Cad. No:5 Bağcılar  /  İstanbul
Turkey . Istanbul
212 Istanbul Power Outlet
Dania Pointe GLA:975 000 SF
ADDRESS: 292-344 North Bryan Road, Dania Beach, FL 33004
USA . Fort Lauderdale
Dania Pointe
Madrid Xanadú GLA:1 184 030 SF
ADDRESS: Autovía A5, salidas 22 y 25 - 28939
Spain . Madrid
Madrid Xanadú


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us