By Mike Spector NEW YORK (Reuters) - Mall owner Washington Prime Group Inc is preparing to seek bankruptcy protection as soon as this week after the C.
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Mall owner Washington Prime Group Inc (WPG.N) is preparing to seek bankruptcy protection as soon as this week after the COVID-19 pandemic forced it to temporarily close some of its roughly 100 shopping centers across the United States and businesses were unable to pay it rent, people familiar with the matter said.
By Reuters Staff
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(Reuters) -Shopping center owner Kimco Realty Corp said on Thursday it would buy rival Weingarten Realty Investors for about $3.87 billion, adding heft to its business just as more parts of the U.S. economy reopen with the rollout of COVID-19 vaccines.
The deal will create a company with 559 open-air grocery-focused shopping centers one of the better performing parts of the commercial real estate sector during the pandemic as people rushed to stores to stock up on essential items.
The company’s tenants will include Kroger, Whole Foods and Walmart Inc, as well as discount retailers such as TJX Cos Inc, Ross Stores Inc and Burlington Stores Inc.
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