The future of Penney is still up in the air, though. As of this week, the company. It has pushed back a key deadline and now has until July 31 to evaluate potential buyers for its business, in a bid to attempt to avoid a complete liquidation.. He said the same about Brooks Brothers.
"I think this is an opportunity for the Simons of the world," said Scott Stuart, CEO of the Turnaround Management Association. "They're acting like their own private-equity firms. They are sitting on a lot of cash and they are testing the waters."In 2016, Simon and the mall owner General Growth Properties, which is now owned by Brookfield, teamed up with ABG to rescue the embattled teen apparel retailer.
Still, not everyone loves the idea. Some real estate analysts have said Simon could be moving too far away from its core expertise, in real estate.
'Their judgment was terrible. They helped speculators build randomly located shopping centers all over the country. (Banking: Good Money on Bad Loans. New York Times. November 9, 1975.).' As in the '70's, REIT's rescue malls, banks rescue REITs. Then REITs die and repeat.
This will not work. Malls are a thing of the past. Move on.