Latest news with #SimonPropertyGroup
Yahoo
6 days ago
- Business
- Yahoo
Popular Department Store Announces More Store Closings Across the U.S.
JCPenney is shifting its structure once again and will be shutting down a number of its stores across the country before the end of the month. The department store chain which was originally founded in 1902 announced the upcoming closures in February, when a company spokesperson mentioned that a 'handful' of their locations were set to close in 2025. The number of stores was not specified in the original announcement, but according to a Tuesday, May 20 report by USA Today, that number is seven. The multiple closures come five years after JCPenney filed for Chapter 11 bankruptcy protection in 2020, which resulted in more than 200 locations shutting down across the nation. In December of that same year, the department store was acquired by Simon Property Group and Brookfield Asset Management Inc. Consumers took to X (formerly known as Twitter) to share their reactions to the news. 'The downfall of malls is so sad but they are so expensive for no reason,' wrote one user. A second user noted, 'Oh no! I love JCPenney! I DO NOT want to order clothes online. I want to touch the fabric, assess how it looks on my body type, and try clothes on. Not everyone looks like a model!' A third user warned, 'This'll be a grave mistake for the folks who love to shop online. Malls are a necessity.' JCPenney announced a partnership with Forever 21 in January as part of a larger merger to form a new company called Catalyst Brands. Some of the brands included are Aéropostale, Nautica, Lucky Brand, Brooks Brothers, and Eddie Bauer. Catalyst Brands was set to hire 60,000 employees and open 1,800 new store locations. A spokesperson for the department store noted that the store closures are not related to or a result of the merger. Brick-and-mortar JCPenney locations in California, Colorado, Idaho, Kansas, New Hampshire, North Carolina, and West Virginia are scheduled to close on Sunday, May 25.
Yahoo
22-05-2025
- Business
- Yahoo
Forbes 400: How many billionaires live in Indiana?
Forbes has released its annual list of the 400 richest people in America, collectively about $5.4 trillion — yes, with a t, as in 5,400 billions — richer than they were a year ago. How many Hoosiers made the list? The Bloomington 62-year-old is the richest person in Indiana. His estimated $10.7 billion wealth was made in the medical device business. Cook took over as CEO of Cook Group in 2011 when his father died. Forbes ranks him as the 89th-richest American. The Indianapolis-based real estate mogul is Indiana's second-wealthiest resident and tied for 256th-richest American. Forbes lists the 89-year-old Simon's net worth at $5.1 billion. He and his late brother Melvin founded the Simon Property Group in 1960, giving him a local connection: University Park Mall in Mishawaka is a Simon Property Group property. Simon also owns 80% of the Indiana Pacers and Indiana Fever. The third Hoosier billionaire is Jim Irsay, who inherited the Indianapolis Colts from his father, Robert, in 1997. Irsay died Wednesday, May 21, after he was included in the Forbes rankings. A 65-year-old Carmel resident, Forbes lists his net worth as $4.8 billion, which places him 278th in the ranking of richest Americans. He was named the Colts general manager in 1984 at the age of 24. Upon his father's death, he became 100% owner of the team. This article originally appeared on The Herald-Times: Ranking the richest Hoosiers Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
Forbes 400: How many billionaires live in Indiana?
Forbes has released its annual list of the 400 richest people in America, collectively about $5.4 trillion — yes, with a t, as in 5,400 billions — richer than they were a year ago. How many Hoosiers made the list? The Bloomington 62-year-old is the richest person in Indiana. His estimated $10.7 billion wealth was made in the medical device business. Cook took over as CEO of Cook Group in 2011 when his father died. Forbes ranks him as the 89th-richest American. The Indianapolis-based real estate mogul is Indiana's second-wealthiest resident and tied for 256th-richest American. Forbes lists the 89-year-old Simon's net worth at $5.1 billion. He and his late brother Melvin founded the Simon Property Group in 1960, giving him a local connection: University Park Mall in Mishawaka is a Simon Property Group property. Simon also owns 80% of the Indiana Pacers and Indiana Fever. The third Hoosier billionaire is Jim Irsay, who inherited the Indianapolis Colts from his father, Robert, in 1997. Irsay died Wednesday, May 21, after he was included in the Forbes rankings. A 65-year-old Carmel resident, Forbes lists his net worth as $4.8 billion, which places him 278th in the ranking of richest Americans. He was named the Colts general manager in 1984 at the age of 24. Upon his father's death, he became 100% owner of the team. This article originally appeared on The Herald-Times: Ranking the richest Hoosiers
Express Tribune
21-05-2025
- Business
- Express Tribune
JCPenney stores closing: Find out full list of stores to close by May 25
Listen to article JCPenney is set to close seven more stores across the United States on Sunday, May 25, continuing the retailer's long and complex journey of restructuring after years of financial struggles. These latest closures affect locations scattered across the country, including malls in San Bruno, California; Denver, Colorado; Pocatello, Idaho; Topeka, Kansas; Newington, New Hampshire; Asheville, North Carolina; and Charleston, West Virginia. This round of closures is part of the aftermath of JCPenney's Chapter 11 bankruptcy filing in May 2020, a critical moment that came after years of declining sales, changing consumer habits, and fierce competition from e-commerce giants and fast-fashion retailers. In the wake of the bankruptcy, JCPenney shuttered more than 200 stores nationwide and underwent major ownership changes when Simon Property Group and Brookfield Asset Management acquired the chain later that year. Since then, the company has been working to redefine its brand and business model. Early this year, JCPenney merged with Forever 21 and several other well-known apparel brands including Brooks Brothers, Aeropostale, Lucky Brand, Nautica, and Eddie Bauer, forming a new parent company called Catalyst Brands. This merger was designed to leverage synergies between these retailers, aiming to operate roughly 1,800 store locations and create tens of thousands of jobs. Despite this ambitious partnership, JCPenney emphasizes that the newest store closures are unrelated to the Catalyst Brands merger. Instead, the company attributes these decisions to typical factors like expiring lease agreements, evolving market conditions, and other operational considerations. For instance, JCPenney had earlier planned to close its Westfield Annapolis Mall location in Maryland but recently extended the lease through August 31, signaling that some stores may remain open depending on business circumstances. A spokesperson for Catalyst Brands also indicated that the company is optimizing its corporate structure, which has resulted in about a 9% reduction in corporate roles. This reflects ongoing efforts to streamline operations and focus resources where they are most needed amid a rapidly changing retail landscape. As JCPenney moves forward, these closures underscore the challenges traditional department stores face in adapting to new shopping behaviors and economic pressures. For customers in affected cities, the May 25 shutdown will mark the end of an era, while the retailer continues its search for a sustainable path ahead. The full list of stores closing on May 25 are:
Newsweek
20-05-2025
- Business
- Newsweek
JCPenney Set to Close Stores in Five Days: See List of locations
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. JCPenney will shutter seven of its retail locations across the United States on Sunday, May 25, as the company continues restructuring efforts following its 2020 bankruptcy filing. The closures mark another chapter in the retailer's ongoing transformation amid a challenging retail environment shaped by shifting consumer behavior, rising operational costs, and the continuing decline of mall-based shopping. The seven JCPenney locations span California to West Virginia and were first flagged for closure earlier this year. Why It Matters The JCPenney store closures underscore continued instability in traditional brick-and-mortar retail, especially for department stores historically reliant on mall traffic. The latest shutdowns are all taking place in mall-based locations. Which JCPenney Locations Are Closing? According to USA Today, the following stores are scheduled to permanently close on May 25: The Shops at Tanforan in San Bruno, California The Shops at Northfield in Denver, Colorado Pine Ridge Mall in Pocatello, Idaho West Ridge Mall in Topeka, Kansas Fox Run Mall in Newington, New Hampshire Asheville Mall in Asheville, North Carolina Charleston Town Center in Charleston, West Virginia These closures follow the retailer's February announcement about scaling back operations in selected markets. One JCPenney store previously listed for closure in Annapolis, Maryland, will remain open until at least August 31, after the company negotiated an extended lease agreement. A JCPenney store located at Fashion Valley in San Diego, California, as seen on December 13, 2024. A JCPenney store located at Fashion Valley in San Diego, California, as seen on December 13, Is JCPenney Closing? In the wake of the COVID-19 pandemic and broader economic pressures, JCPenney's store footprint has dramatically decreased. Since its Chapter 11 filing in 2020, the retailer has closed more than 200 stores. Despite those reductions, the company continues operating hundreds of locations nationwide, while experimenting with new brand collaborations under the Catalyst Brands umbrella. The company was purchased in late 2020 by Simon Property Group and Brookfield Asset Management following its bankruptcy. All the stores affected by this round of closures are inside malls, a format under increasing strain. Simon Property Group, a leading mall operator, has acknowledged a 5 percent drop in mall occupancy over the past two years. The closures also follow a recent partnership between JCPenney and fashion brand Forever 21, part of a strategy to form Catalyst Brands, which includes labels like Brooks Brothers, Aéropostale, and Lucky Brand, per a January press release. What Happens Next Customers can still access JCPenney's online store and remaining retail outlets across the United States. In the short term, the company is focusing on sales through May 25, with expected discounts on apparel and home goods.
