Category: Mall

Mall owner Brookfield will spend $5 billion to save retailers

by Jaimee Heimer on August 10, 2020 in Mall

People walk through the Brookfield Place Pavilion at the World Trade Center West Concourse pedestrian transit connection on October 24, 2013 in New York City.

Getty Images

Property and mall owner Brookfield Asset Management is targeting spending $5 billion to help struggling retailers, as the retail industry reels from the coronavirus pandemic, the company announced Thursday.

The company said its retail revitalization program, backed by Brookfield and its institutional partners, will focus on taking noncontrolling stakes in retailers to assist them with their capital needs during this time of “dislocation.”

The announcement comes as mall-based retail has been one

J.C. Penney stores closing: Full list of closures due to bankruptcy and restructuring

by Jaimee Heimer on August 10, 2020 in Mall

Bankrupt J.C. Penney plans to permanently shutter 154 stores across the U.S., with going-out-of-business sales set to begin at those locations on June 12. The 118-year-old retailer plans to close a total of 242 locations by the fall.

J.C. Penney declared bankruptcy in May. It was one of many brick-and-mortar stores forced to temporarily close locations in April and May as the coronavirus pandemic raced across the U.S. Although the shutdowns pushed the retailer closer to insolvency, the company had been struggling for years with changing consumer tastes and a shift to ecommerce.

J.C. Penney CEO Jill Soltau said the

Illinois Star Centre Mall under new ownership

by Jaimee Heimer on August 9, 2020 in Mall

MARION (WSIL) — After years of an uncertain future, a new beginning is emerging for Illinois Star Centre Mall in Marion.

The mall’s previous owners declared bankruptcy in 2017, and many tenants started moving out. The mall then closed in 2018.

Now there’s a new owner who plans to breathe new life into that part of town.

One of the new owners, Rodney Cabaness, has been working for months to buy the property through bankruptcy court.

Cabaness, owner and president of Black Diamond Harley Davidson, said his Marion Center Project LLC wants to clean up the mall and help the

12 arrests, ‘millions’ in damage after Scottsdale Fashion Square looted

by Jaimee Heimer on August 8, 2020 in Mall

Scottsdale police said “millions of dollars in damages and theft” occurred in a late-night spasm of violence and looting at Scottsdale Fashion Square and surrounding businesses.

The department said 12 people were arrested and booked into jail. No officers were injured.

On Sunday, Scottsdale police identified 11 out of 12 suspects arrested in conjunction with the looting, but did not identify one 17-year-old male suspect.

Police spokesman Ben Hoster said three of the 11 suspects live out of state, while the others live in various cities around the metro Phoenix area.

Hundreds of people converged on the mall Saturday,

U.K. Commercial Property: Intu, KPMG Amid Debt Crisis

by Jaimee Heimer on August 8, 2020 in Mall

A shopper walks through a near-deserted Intu Trafford Centre shopping mall in Manchester, England, on March 20.

Photographer: Oli Scarff/AFP via Getty Images

Intu Properties Plc, one of the U.K.’s biggest shopping center operators, appointed KPMG as its financial administrator in case it fails to negotiate a standstill agreement with lenders on debt repayments, according to people with knowledge of the matter.

The appointment is a part of Intu’s contingency plan as it seeks to obtain a loan waiver until the end of next year from investors as the mall owner struggles to get