Simon Property Group Inc , the biggest U.S. mall operator, said on Wednesday it was ending its US$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.
A spokeswoman for Taubman, whose properties include the Mall at Short Hills in New Jersey, did not immediately respond to a request for comment.
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