Mall Titans Team Up to Revive a Bankrupt Retail Tenant Again [BNN Bloomberg (Canada)]
Simon Property Group, Inc. (SPG)
Last simon property group, inc. earnings: 2/4 07:30 am
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Source: BNN Bloomberg
The chain store said Monday it would sell itself in Chapter 11 to a group led by mall owners Simon Property Group and Brookfield Properties — joining in a recent tradition of shopping-center staples being bailed out by those with one of the biggest stakes in their success. The vessel for the revival of Express is aptly dubbed “Phoenix.” To form it, Simon and Brookfield teamed up with WHP Global, a firm that owns and licenses brands. WHP, which is now backed by finance heavyweights Ares Management Corp. and Oaktree Capital Management, bought Toys “R” Us out of bankruptcy in 2018 and also owns trademarks including Anne Klein and Isaac Mizrahi. Until now the two landlords, which operate as real estate investment trusts, have done all their retail-resurrection experiments in concert with WHP's larger competitor, Authentic Brands Group, whose portfolio includes Reebok, Nautica, Boardriders and Sports Illustrated. Authentic, Simon and Brookfield engineered the first mall-sponsored
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SPG
Earnings
- 2/5/24 - Beat
SPG
Sec Filings
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- SPG's page on the SEC website