Indianapolis — Simon Property Group has agreed to acquire an 80% interest in Taubman Centers Inc., a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. Taubman’s existing debt, which Simon will assume, was factored into the price, which represents a capitalization rate of 6.2%. Taubman will continue to operate as a separate entity. Taubman’s portfolio spans 26 super-regional …
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Glen Allen, Va. — Hamilton Beach Brands Holding Co. will close all stores of its retail subsidiary, The Kitchen Collection, by the end of the year. Kitchen Collection employs approximately 800 people at 160 stores across 37 states. The company previously closed about 35 underperforming stores in an effort to maintain long term profitability, but higher operating losses in the first half of 2019 have prompted Hamilton Beach Brands to shutter the chain entirely. “Despite our best efforts to return Kitchen Collection to profitability through footprint consolidation, further deterioration in …
San Francisco — Gap Inc. will close approximately 230 Gap specialty stores within the next 2 years, the San Francisco-based apparel chain announced in its fourth-quarter and 2018 fiscal year reports, released on February 28, 2019. Gap Inc. also revealed plans to spin off Old Navy, a brand it established in 1994, into a separate publicly traded entity, as well as to rebrand itself under a yet-to-be-determined name.
Topeka, Kan. — Payless ShoeSource will close all 2,100 of its stores in the United States and Puerto Rico as it moves toward liquidation. According to a statement by the company provided to USA Today, which first reported the news on Feb. 15, Payless expects all stores to remain open through March.
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