The billionaire Italian family that until recently owned Brooks Brothers has been accused in a lawsuit of driving the retailer into bankruptcy instead of selling it, to avoid paying millions of dollars to an investor.
The United States’ largest mall owner announced that it has been seeing strong growth in traffic during an earnings call on Monday, but is still cautious in its outlook. The company’s revenues fell 0.08% in Q1.
J.C. Penney Co Inc said on Thursday it has agreed to transfer its pension obligations to annuities provider Athene Holding Ltd, ensuring that the chain's retired employees will continue to get their benefits.
Just three months after being acquired by new owners, Brooks Brothers is off to a fresh start under the aegis of Ken Ohashi and Michael Bastian, its new president and newly appointed creative director, respectively.
J.C. Penney Co Inc said on Monday its retail and operating assets would exit Chapter 11 as two of its biggest landlords, Simon Property Group and Brookfield Asset Management Inc, have acquired nearly all such assets.
As the Texas-based department store retailer continues on its path out of bankruptcy, it has received court approval for a restructuring plan involving the creation of separate property holding companies.
Simon Property Group, the biggest U.S. mall operator, will cut its purchase price for an 80% stake of rival Taubman Centers by 18%, both companies said on Sunday, as the coronavirus upends the retail industry sector.
A U.S. judge on Monday approved a deal to rescue J.C. Penney from bankruptcy proceedings precipitated by the coronavirus pandemic, averting a liquidation that would have put the department store chain out of business.