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Judge Orders Simon, Taubman to be Trial-Ready by Mid-November

by Alex Tostado

Oakland County, Mich. — The dispute between Simon Property Group Inc. (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) over a planned merger will move to a mediation phase. James Alexander, a circuit court judge with the state of Michigan, has ordered that the mediation phase be completed by July 31 and that the companies must be ready for a trial by mid-November. On Thursday, Taubman shareholders voted to approve and adopt the previously announced merger agreement dated Feb. 9 and says the company is “ready, willing and able to …

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Company newsNew YorkNewsRetailers

Macy’s Inc. to Cut 3,900 Corporate Jobs, Projects $365 Million Savings in Operating Costs

by Alex Tostado

New York City — Macy’s Inc. will lay off 3,900 employees in corporate and management positions, representing approximately 3 percent of its total workforce, according to a company statement issued today. Macy’s expects the reduction of staff to save approximately $365 million in operating costs for its 2020 fiscal year. Macy’s recently projected that it would show a $1.1 billion loss in operating income for its first quarter ending in early May, a result of temporary and permanent store closures, as well as significantly reduced sales amid the COVID-19 outbreak. …

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CaliforniaCompany newsEntertainmentNewsRetailers

Disneyland Resort Pushes Reopening Date Beyond July 17

by Alex Tostado

Anaheim, Calif. — Disneyland Resort has delayed the opening of its theme parks and resort hotels in Anaheim based on the State of California’s announcement that it will not issue theme park reopening guidelines until sometime after July 4. The company plans to announce a revised reopening date once government officials approve a phased reopening. Downtown Disney District, an outdoor shopping center at the resort, will reopen in July with health and safety protocols in place for employees and guests. This opening was approved with the restaurants and retail openings …

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Company newsNewsPennsylvaniaRetailers

GNC Files for Chapter 11 Bankruptcy, Plans to Close Up to 1,200 Stores

by Alex Tostado

Pittsburgh — Global health and wellness company GNC Holdings Inc. (NYSE: GNC) has filed for Chapter 11 bankruptcy. GNC and all of its subsidiaries will remain open for business during the process. Pittsburgh-based GNC expects to use the bankruptcy process “to improve its balance sheet and capital structure while continuing to advance its business strategy, right-size its corporate store portfolio and strengthen its brands to protect the long-term sustainability of its business,” according to a press release from the company. Over the past year, the company has executed a strategy …

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Company newsMallsNewsPennsylvaniaRetailers

PREIT to Reopen All Malls, Retail Centers Across Its Portfolio by July 4

by Alex Tostado

Philadelphia — Pennsylvania Real Estate Investment Trust (PREIT) plans to open all of its malls and retail centers, including its 900,000-square-foot Fashion District Philadelphia shopping and entertainment destination, by July 4. Following temporary store closures amid the COVID-19 outbreak, PREIT has reported an average occupancy rate of 85 percent among non-anchor tenants at its reopened properties. Retailers and restaurants at PREIT’s properties have implemented expanded sanitation and social distancing procedures, including outdoor dining service and contactless pickup. Many stores also offer complimentary masks to guests on entry. PREIT owns and …

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Company newsIndianaNewsRetailers

Shoe Carnival Reopens 389 Stores

by Alex Tostado

Evansville, Ind. — Shoe Carnival, Inc., a leading retailer of moderately priced footwear and accessories, has reopened all but one of its 390 stores across the U.S and Puerto Rico amid the global COVID-19 pandemic. For the fiscal second quarter-to-date, Shoe Carnival has experienced stronger than expected sales with comparable store sales up 28.1 percent compared to the prior year, with brick-and-mortar comparable sales up 4 percent and e-commerce comparable sales increasing nearly 470 percent.

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Company newsNewsRetailersTexas

J.C. Penney to Close 13 Additional Stores as Chapter 11 Bankruptcy Continues

by Alex Tostado

Plano, Texas — J.C. Penney Co. has revealed the locations of 13 additional stores it will permanently close, including seven in Michigan, as part of its Chapter 11 bankruptcy filing. The Plano-based retailer says the other six locations set to close include two in Washington state, two in New York, one in California and one in Maryland. J.C. Penney filed for Chapter 11 protection May 15 and unveiled a list of 154 stores in late May that were set to close. Multiple news outlets report that going-out-of-business sales at the …

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CaliforniaCompany newsNews

‘Exceptional Leader’: Marcus & Millichap Co-Chairman William Millichap Dies at Age 76

by Alex Tostado

Calabasas, Calif. — William Millichap, co-chairman of Marcus & Millichap whose leadership and innovation helped pave the way for the company to become a national player and household name in commercial real estate, has died at the age of 76 following a year-long battle with cancer. The company made the announcement Tuesday. Millichap joined the company, then known as G.M. Marcus Co., as an investment broker shortly after its founding in 1971. After serving as a regional manager of the Palo Alto, Calif., office in the mid-1970s, Millichap went on …

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Company newsGrocery-anchoredNewsOhioRetailers

Kroger Reports 92 Percent Digital Sales Growth in First Quarter

by Alex Tostado

Cincinnati — Digital sales at the Kroger Co. (NYSE: KR) increased 92 percent in the first quarter, according to the company’s latest financial results. Total company sales were $42 billion in the first quarter, compared with $37 billion for the same period last year. Kroger does not separately break out its e-commerce sales from total sales. Excluding fuel and dispositions, sales grew 19.1 percent. Cincinnati-based Kroger says its most urgent priority during the pandemic has been “to provide a safe environment for associates and customers with open stores, e-commerce solutions …

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Company newsNewsRetailersTexas

AT&T to Close 250 AT&T Mobility and Cricket Wireless Stores, Says Telecomm Union

by Alex Tostado

Dallas — The Communication Workers of America (CWA) has announced that Dallas-based AT&T has informed the telecommunications and IT union its plans to permanently shutter 250 AT&T Mobility and Cricket Wireless stores. The move would impact 1,300 retail jobs. There are currently more than 16,000 AT&T retail locations in the United States, including authorized retailers and company-owned stores and kiosks. CWA also reports that A&T plans to cut 3,400 technician and clerical jobs across the country over the next few weeks. The Dallas Morning News reports that AT&T had to inform …

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