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Matt is a Certified Financial Planner based in South Carolina who has been writing for The Motley Fool since 2012. Matt specializes in writing about bank stocks, REITs, and personal finance, but he loves any investment at the right price. Follow him on Twitter to keep up with his latest work!
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What happened
GameStop and
AMC Entertainment Holdings were sharply higher on Friday.
However, some of the mall operators that were also caught in the short-squeeze action are not. Mall real estate investment trusts, or REITs,
Seritage Growth Properties (NYSE:SRG),
Pennsylvania Real Estate Investment Trust (NYSE:PEI) were lower after spiking earlier in the week. At approximately 2:30 p.m. EST, the three mall REITs were down by 17%, 13%, and 10%, respectively.
PREIT is selling part of its Moorestown Mall property to develop into hotel and apartments
inquirer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inquirer.com Daily Mail and Mail on Sunday newspapers.
PREIT receives approval for apartments at Moorestown Mall - Philadelphia Business Journal
bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
By Lauren Thomas, CNBC •
Updated on January 6, 2021 at 12:54 pm
Bruce Leighty | Photolibrary | Getty Images
Macy s is closing dozens of department stores this year.
The closures are part of a previously announced plan by Macy s to shut 125 locations by 2023, which the retailer outlined last February.
department stores this year, in a bid to move out of underperforming malls and trim a real estate empire that isn t as valued as it once was.
Liquidation sales have already started at some of the locations that are closing. The rest are slated to start later this month.
(See a full list of the closing stores and recently closed locations below.) In 2020, Macy s closed about 30 locations.