With brief, occasional, italicized and sometimes gratuitous commentary…
• The Wall Street Journal reports that "Off-price retailer Stein Mart is the latest in a long list of businesses to file for bankruptcy protection amid the coronavirus pandemic." The company plans to close many or all of its bricks-and-mortar stores and begin a liquidation process.
According to the Journal, Stein Mart "is evaluating alternatives, including the potential sale of its eCommerce business and related intellectual property."
Intellectual property at Stein Mart? Can't wait for that auction….
• From the Wall Street Journal:
"Two of J.C. Penney Co. ’s largest landlords have emerged as the leading contenders to acquire the department-store chain’s retail business out of bankruptcy, according to people familiar with the matter.
"Simon Property Group Inc., the biggest mall owner in the U.S. by number of malls, and Brookfield Property Partners LP, another big shopping center owner, have joined together and are in advanced talks to purchase Penney’s retail operations, people familiar with the matter said … The negotiations are fluid, the people said, and aren’t certain to produce an agreement acceptable to Penney and its top lenders. Other bidders would have the opportunity to top the lead offer, which also requires approval from the judge presiding over Penney’s chapter 11 case in the U.S. Bankruptcy Court in Corpus Christi, Texas."
