, the companies announced Sunday, evading what could have been a heated legal battle during the holidays.
The companies also said that they have settled their pending litigation. Simon and Taubman were set to face each other in Oakland County Superior Court in Michigan, beginning Monday, to negotiate the contested deal. Even prior to the pandemic, malls had been suffering from falling foot traffic with more people shopping online, and retail and restaurant tenants closing stores or going bankrupt. The pain has been especially strong from embattled department store chains like Bon Ton and Sears. Two mall owners — CBL and Pennsylvania Real Estate Investment Trust — filed for Chapter 11With the new deal, Simon saves close to $800 million.
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