J.C. Penney announced Friday that it would close up to 140 stores in the next couple months.
Why? Persistent negative earnings is a tip-off.
Oh no! Where am I going to get my Michael Strahan Collection clothing??
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Darth Mall strikes again! Watch for less than Tier 1 malls to see significant store closures.
(Bloomberg Intelligence) — Bonds of mall REIT CBL & Associates (rated Baa3/BBB-/BBB-) trade at the wide end of the mall peer group. Its portfolio, which is more weighted toward Tier 2 and Tier 3 malls in middle markets, may be more exposed to potential store closings of struggling retailers such as Sears and Macy’s. Management has been trying to paint a clearer picture, however, by selling older assets, paying down debt and purchasing assets from retailers where it sees good redevelopment opportunities.
Despite reductions, CBL Malls had 53 J.C. Penney locations, 46 Sears, 38 Macy’s, 49 Abercrombie & Fitch and 60 Gap-branded stores in its footprint as of December.
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