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J.C. Penney Provides Update on Closings, to Shutter 154 Stores

by Alex Tostado

Plano, Texas — J.C. Penney released an update on its store optimization strategy on Thursday, announcing plans to close 154 stores around the country as part of Phase I of the plan. The closings of those stores are scheduled to begin Friday, June 12. The Plano-based retailer expects to announce additional closings after Phase I, which will feature store-closing sales at the shuttered locations that are expected to take 10 to 16 weeks to complete. A list of which stores are closing as part of Phase I can be found …

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Company newsIndianaMallsNewsRetailers

Simon Property Group Sues Gap for Failing to Pay Rent During Pandemic

by Alex Tostado

Indianapolis — Indianapolis-based mall owner Simon Property Group has sued Gap Inc. for refusing to pay rent for stores temporarily closed during the coronavirus pandemic, according to The Wall Street Journal. The retailer owes three months of rent amounting to nearly $66 million. The lawsuit was filed in Delaware state court. Both Banana Republic and Old Navy fall under the Gap umbrella of brands. Gap is one of Simon’s biggest tenant in terms of rent. Simon has 412 stores that are leased to Gap, Banana Republic or Old Navy within …

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Company newsEntertainmentKansasNews

AMC Theatres: ‘Substantial Doubt’ Exists Regarding Ability to Stay in Business

by Alex Tostado

Leawood, Kan. — AMC Entertainment Holdings Inc. (NYSE: AMC) says it has “substantial doubt” for its ability to remain in business after shutdowns due to the coronavirus. If the movie theater chain is not able to recommence operations within its estimated timeline, it will require additional capital. The Leawood-based company temporarily suspended operations at all of its theaters through June and is generating no revenue. Even if governmental operating restrictions are lifted in certain jurisdictions, AMC says distributors may delay the release of new films until operating restrictions are eased …

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Company newsMichiganNewsRetailers

Michigan’s Agree Realty Receives 87 Percent of May Rent Payments

by Alex Tostado

Bloomfield Hills, Mich. — Agree Realty Corp (NYSE: ADC), a retail real estate investment trust, received rent payments from 87 percent of its tenants in May, according to the company. Agree entered into May deferral agreements with tenants representing approximately 4 percent of its portfolio. All of Agree’s investment-grade tenants paid their rent for May. Acquisition activity in the second quarter through May 29 totaled $147.4 million. The acquisition of six properties occupied by Walmart comprised approximately 39 percent of acquisition capital deployed. Walmart remains the company’s top tenant, accounting …

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CaliforniaCompany newsNewsRetailers

Umansky of Progressive Real Estate Partners Named President of Retail Brokers Network

by Alex Tostado

Rancho Cucamonga, Calif. — Brad Umansky has been named the new president of the Retail Brokers Network (RBN). Umansky is the owner and president of Rancho Cucamonga-based Progressive Real Estate Partners. In this volunteer role, Umansky will lead the RBN executive committee and work with the other committee members to grow the RBN brand, represent the organization at industry events, recruit new firms, facilitate education, lead internal networking events and share brokerage “best practices” between the 57 RBN member offices. Umansky has more than 25 years of retail real estate experience …

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Company newsFloridaNewsRetailers

Regency Centers Collects 58 Percent of May Rent Checks, Down from 68 Percent in April

by Alex Tostado

Jacksonville, Fla. — Regency Centers Corp. reported that it collected 58 percent of base rent from its tenants in May. The Jacksonville-based company released the data during its June 2020 presentation, which also reported that Regency collected 68 percent of base rent in April. The presentation broke its tenants down by category. Of the essential retailers, which includes grocers, drugstores, mass merchandisers, banks, pet stores, office supplies and medical tenants, 92 percent were able to pay May rent. Essential, quick-service restaurants paid rent at a 48 percent clip, while 31 percent …

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Company newsMinnesotaNewsRetailers

Target, Other Retailers Temporarily Close Stores Across Nation in Response to Protests

by Alex Tostado

Minneapolis — Minnesota-based discount retailer Target has temporarily closed six stores in four states in response to protests that turned violent over the weekend. The looting and destruction of commercial property took place in the days following the death of George Floyd, an unarmed black man who died May 25 following an encounter with Minneapolis police during which an officer kneeled on his neck for several minutes. On Sunday, several other retailers, including CVS, Apple and Walmart also announced temporary closures or adjusted hours in major cities where rioting had …

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Company newsMichiganNewsRetailers

Detroit’s Bedrock to Continue Offering Rent Relief to Retailers in Exchange for 7 Percent of Gross Sales

by Alex Tostado

Detroit — Bedrock, the real estate development company created by Quicken Loans Founder Dan Gilbert, has implemented a program called Bedrock Relaunch, which will build off its rent relief program that began in March with three months of rent abatement. Through Bedrock Relaunch, the landlord will provide all eligible, operating restaurant and retail tenants with the option to waive all rent and fees for the month of June; waive base rent in favor of paying 7 percent of gross sales starting in July; and apply the security deposit toward reopening …

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Company newsEntertainmentFloridaNews

Walt Disney World Resorts Outlines Plan to Begin Reopening July 11

by Alex Tostado

Orlando, Fla. — Walt Disney World Resorts has submitted a proposal to the Orange County Economic Recovery Task Force to begin reopening the Orlando parks July 11. Pending approval, Magic Kingdom and Animal Kingdom will open July 11 and Hollywood Studios and Epcot will reopen July 15. In an effort to limit large gatherings, parades and nighttime fireworks shows will still be indefinitely unavailable. Additionally, “high-touch” experiences, such as makeovers, playgrounds and character meet-and-greets, will also be temporarily unavailable, though characters will still be in the parks. To limit capacity, …

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Company newsKentuckyNewsRestaurants

Papa John’s Reports May as Best Sales Month in Restaurant History

by Alex Tostado

Louisville, Ky. — May sales at Papa John’s restaurants were up 33.5 percent in the U.S. and Canada on a year-over-year basis, marking the second month in a row that the pizza chain recorded its highest sales on record, according to Papa John’s Inc. president and CEO Rob Lynch. The May sales period was recorded from April 27 to May 24, and the company said it will continue to provide monthly updates through the end of the second quarter. In April, the Louisville-based chain reported a 26.9 percent increase in …

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