![]() It’s a mistake that much of retail seems to have made as well. Total Compensation 35,667,783 View details, Pay Rank By Title In Financial Services industry 9 View more John Rulli. “But we did make the mistake of thinking ‘21 would repeat and then obviously, you know, we had a lot of volatility from a macro point in ‘22 with huge increases in interest rates, huge increase in price and food and energy cost that the consumer was whipped and we felt the impact of it,” he said. We brought in a new CEO to rectify those mistakes. “We made some tactical mistakes at Forever 21. “We made the mistake that … we budgeted basically flat to ‘21 and ‘21 was for a couple of the brands there just extraordinarily profitable,” Simon said. Simon acknowledged that, while SPARC was profitable in 2022, it didn’t meet expectations and he offered “a little mea culpa.” Retail still makes up a small part of the company’s business, but it’s a high-profile cog in the machine and one that did cause a little trouble last year. Penney, which Simon owns with Brookfield Asset Management - while the rest of the industry worked to shore up their balance sheets. Retail is stronger, in part, because so many of the weaker players fell into bankruptcy during the pandemic - like J.C. “I’m not saying it won’t develop in the year, but there’s some brands out there that are in trouble that obviously people know about, but we don’t see playing in any of those situations,” he said. “If we do, it’ll be opportunistic…Most of our work has been on the bankruptcy front or where somebody wanted to unload the business, but generally there’s not a lot of distress in retail right now. Access the Benzinga Insider Report, usually 47/month, for only 0.99 Stifel has announced it is upgrading Simon Property Group Inc. with David Simon - the Chairman, Chief Executive Officer & President of Simon. “We really don’t have any plans to acquire anything,” Simon said of SPARC. is an equity real estate investment trust. (Simon has a joint venture with Authentic called SPARC, which owns Reebok, Forever 21, Brooks Brothers and Aéropostale as well as Eddie Bauer). The CEO said Simon now owns 12 percent of Authentic, a stake valued at about $1.5 billion - giving all of Authentic a valuation of about $12.5 billion. mall operators, bought Penney out of bankruptcy last year in a transaction valued at 1.75 billion with the assumption of debt. On a conference call with analysts Monday, Simon said net income for the quarter was boosted by 25 cents a share, or $90.5 million, as the company traded its direct stake in Eddie Bauer for more shares of its partner, Authentic Brands Group. David Simon is CEO of Simon Property Group, an Indianapolis-based real estate development and management company. Simon and Brookfield Asset Management, the two largest U.S.
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