Simon Property Group more than a mall company, CEO says

A year after acquiring JC Penney out of bankruptcy via a partnership, Simon Property Group

A year after acquiring JC Penney out of bankruptcy via a partnership, Simon Property Group CEO and President David Simon said the retailer’s business has stabilized. 

Simon told analysts on a Q3 earnings call late Monday that the retailer’s liquidity position is at $1.5 billion and there’s no outstanding balance on its line of credit. JC Penney’s success is an example of how to understand Simon Property Group Inc. as a company, Simon said. 

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“Even though you call us a mall company, I think we’ve proven to be beyond that,” Simon told analysts on the call. 

Simon Property Group, an Indianapolis-based real estate investment trust, has diversified its investments, moves the CEO said offer the company the potential to perform well during an inflationary period. 

Simon Property Group headquarters are located in Downtown Indianapolis. / Danese Kenon/The Star 2010 file photo

“We’re very pleased with the JC Penney results,” Simon said, adding that the retailer and its management team, which was led by interim CEO Stanley Shashoua, made significant gains over the past year. “The Penney’s team has stabilized the business, improved financial results, and we’ve added private and exclusive national brands to it.” 

In addition to operating and managing malls, Simon Property Group has ownership interest in several retail stores and brands. 


https://www.indystar.com/story/money/2021/11/02/david-simon-property-group-more-than-mall-company-ceo-says/6242378001/