By MICHELLE CHAPMAN and ANNE D’INNOCENZIO AP Business Writers
The Simon Property Group will buy mall operator Taubman Realty in a deal valued at around $3.6 billion as those properties continue to struggle along with their retail tenants. Simon said Monday that its operating partnership, Simon Property Group, LP, will buy all of Taubman stock for $52.50 per share. Malls have been forced to contend with retail bankruptcies and store closings after a vast shift in the way Americans shop. Last week Macy’s, a cornerstone in many malls, announced that it is closing 125 of its least productive stores and cutting 2,000 corporate jobs. The store closures represent about one fifth of all its locations and are in poor-performing malls.
Simon Property Group to Acquire Taubman Centers, Inc. https://t.co/ELgqAMCBtl
— Taubman Centers (@TaubmanCenters) February 10, 2020