×
81 422
Fashion Jobs
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Southaven
Permanent · Southaven
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Opry Mills
Permanent · Nashville
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Opry Mills
Permanent · Nashville
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Opry Mills
Permanent · Nashville
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Outlet Shoppes of The Bluegrass
Permanent · Simpsonville
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Opry Mills
Permanent · Nashville
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Southaven
Permanent · Southaven
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Southaven
Permanent · Southaven
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Southaven
Permanent · Southaven
COTY
Manager, PR & Influencer Marketing
Permanent · New York
OLD NAVY
General Manager - Outlets of Little Rock
Permanent · Little Rock
OLD NAVY
Asset Protection Service Representative - 503 Fulton st
Permanent · New York
OLD NAVY
Manager, Human Resources - Store Operations And Field Visual
Permanent · San Francisco
OLD NAVY
General Manager- Connecticut Commons
Permanent · Plainville
OLD NAVY
Manager, Strategy - Remote
Permanent · San Francisco
OLD NAVY
Manager, Strategy - Remote
Permanent · Atlanta
OLD NAVY
Assistant Manager, Customer Operations - Westlake Marketplace
Permanent · Houston
OLD NAVY
Manager, Strategy - Remote
Permanent · New York
OLD NAVY
Assistant Manager, Customer Operations - Nut Tree
Permanent · Vacaville
OLD NAVY
Assistant Manager, Customer Operations - Itc Crossing
Permanent · Newton
AESOP
Part Time Retail Consultant | Aesop Stanford
Permanent · Palo Alto
SALLY BEAUTY HOLDINGS LLC
Ecommerce Campaign Specialist
Permanent · Denton
By
Reuters
Published
Nov 17, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Simon Property cuts purchase price for Taubman stake amid Covid hit

By
Reuters
Published
Nov 17, 2020

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.


Photo: Shutterstock



The agreed discount comes as the two companies settled a legal dispute over the transaction, which Simon had previously threatened to walk away from, citing the hit to the industry from COVID-19.

Under the revised terms, Simon will pay $2.65 billion for the 80% stake in the Taubman Realty Group (TRG), cutting its offer price to $43 per share in cash from $52.50 originally announced in February.

The Taubman family will sell about one-third of its ownership interest at the transaction price, leaving them with a 20% stake in TRG, the companies added.

The companies said they also have settled their pending litigation in a Michigan court over the merger and the companies expect the deal to close later this year or early next year.

Simon, which runs shopping chains such as the Woodbury Common Premium Outlets in New York, said in June it was abandoning the deal.

Simon said at that time the coronavirus outbreak had “disproportionately hurt” Taubman’s malls given their location in densely populated metropolitan areas and reliance on tourism.

Online shopping growth had already slashed foot traffic at brick-and-mortar retail stores and the pandemic has only accelerated that trend.

Simon also said Taubman did not cut costs to mitigate the impact of the pandemic.

Taubman had said Simon’s termination of the deal was without merit and filed a lawsuit rejecting Simon’s allegations.

© Thomson Reuters 2022 All rights reserved.