Mall Companies Fall As Sears Announces Plans to Close Stores
- Macy’s, Kohls among retailers cutting earnings forecasts
- Best properties insulated from stores’ problems, analyst says
Sears Holdings to Close 150 Additional Stores
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Shares of mall companies slumped after Sears Holdings Corp. announced plans to shutter 150 stores as part of an effort to turn around the ailing chain.
A Bloomberg index of regional-mall landlords fell as much as 2.8 percent, the largest drop in almost two months. CBL & Associates Properties Inc. had the biggest decline among companies in the index, falling as much as 4.1 percent, and Simon Property Group Inc., the largest U.S. mall owner, dropped as much as 3.2 percent. By comparison, the broader Bloomberg real estate investment trust index, which also includes companies that own properties such as office buildings and hotels, was little changed.