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Retail carnage continues

Retail Roundup

  • Lord & Taylor will permanently close its remaining 38 stores and shut down its website after filing for bankruptcy earlier this month. It is currently holding going-out-of-business sales in stores and online. (CBS)
  • This summer’s markets rally hasn’t helped banks and investors who lent about $2.7 billion to build the country’s second-largest mall, near the Meadowlands Sports Complex in New Jersey. The American Dream Mall has been shut since March, and mutual funds that bought municipal bonds backing its construction have since taken hundreds of millions of dollars in paper losses. The troubles highlight the growing disconnect between ailing segments of the U.S. economy and the surge on Wall Street. (WSJ)
  • NYTimes covers Carl Icahn’s “mall short”: ‘The Big Short 2.0’: How Hedge Funds Profited Off the Pain of Malls… By the middle of May, the portion of the CMBX 6 with a BBB– rating, which had begun the year trading strongly but was especially popular with short-sellers, had fallen more than 30 points. It has recovered only a few points since then. (NYTimes)
  • Retail Bankruptcies Will Push Mid-Range Malls Over the Edge… Since many leases include so-called co-tenancy clauses that let other retailers break leases or pay less if key tenants leave, an anchor vacancy can spell more bad news ahead for middle-tier malls. (Bloomberg

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