Leawood, Kan. — AMC Theatres has delayed its U.S. reopening date until July 30. The company will resume operations of 450 U.S. theaters as part of a phased plan that is expected to bring the 600-plus U.S. theaters to full operation by early August. AMC says the new reopening date aligns with updated release timing for major movies such as “Tenet” on Aug. 12 and “Mulan” on Aug. 21. Previously, AMC had expected to be fully open globally in July when Christopher Nolan’s spy film “Tenet” was scheduled to release …
Los Angeles — Lowe has launched Retail reVision, its platform to reposition retail real estate. Under the initiative, the Los Angeles-based developer will target underperforming retail properties and partner with new and existing owners to manage or advise redevelopments. Lowe seeks properties that are regional draws, such as malls, community, lifestyle and power centers that are located in urban and suburban infill markets where Lowe currently operates. Target markets are California, the Pacific Northwest and Mid-Atlantic regions, the greater Denver and Phoenix metropolitan areas and the Carolinas. Lowe has named Joel …
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 …
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. …
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 …
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 …
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 …
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.
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 …
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 …