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L BRANDS
Procurement Buyer - Information Technology
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L BRANDS
Asset Protection Officer, Morse rd (2nd Shift 3pm - 11pm)
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sr. Manager, Carrier Strategy
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L BRANDS
Asset Protection Officer, Morse Crossing - 3rd Shift (11pm-7am)
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L BRANDS
Asset Protection Officer, Broad st -1st Shift 7am-3pm
Permanent · Reynoldsburg
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Asset Protection Officer, New York City
Permanent · New York
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Senior HR Generalist - Home Office
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Brand Operations Manager-White Marsh
Permanent · Baltimore
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Asset Protection Investigator, Victoria's Secret (Southland Mall - Hayward, ca)
Permanent · Sacramento
PINK
Brand Operations Manager-Solano
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Product Owner
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ESTÉE LAUDER COMPANIES
Manager, Creative Operations, Creative Content Hub, North America
Permanent · New York
ESTÉE LAUDER
Director, Ecommerce, North America - dr.Jart+
Permanent · New York
JCPENNEY
Product Manager - Site Management Tools & Cms
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JCPENNEY
Financial Planning Senior Analyst - Stores Finance
Permanent · Plano
By
Reuters
Published
Jun 10, 2020
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Mall operator Simon Property abandons $3.6 billion acquisition of Taubman

By
Reuters
Published
Jun 10, 2020

Simon Property Group Inc, the biggest U.S. mall operator, said on Wednesday it was ending its $3.6 billion deal to buy Taubman Centers Inc, citing the beating the retail sector has taken during the Covid-19 pandemic.




Simon Property said that the coronavirus outbreak “disproportionately hurt” Taubman’s malls because they are located in densely populated metropolitan areas, depend on tourism and feature high-end retailers whose sales have shrunk.

Simon Property, which runs shopping destinations such as the Woodbury Common Premium Outlets, also said that Taubman did not cut costs to mitigate the impact of the pandemic.

There are no discussions about renegotiating the transaction at a lower valuation, a person familiar with the matter said.

A spokeswoman for Taubman, whose properties include the Mall at Short Hills in New Jersey, did not immediately respond to a request for comment.

Taubman shares dropped 25% to $34 and Simon shares dropped 9% to $78.99 on the news, which follows a string of other broken deals.

Last month, private equity firm Sycamore Partners ended its $525 million deal to acquire lingerie brand Victoria’s Secret from L Brands Inc, while Japanese telecommunications conglomerate SoftBank Group Corp dropped its agreement to fund a $3 billion tender offer for co-working company WeWork.

The combination of the two mall owners was announced in February. The growth of online shopping had already slashed foot traffic at brick-and-mortar retail stores, and the pandemic has accelerated that trend.

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