Today In Retail: Mall Of America Modifies $1.4 Billion Mortgage; Macy’s To Shutter 45 Retail Locations
In today’s top retail news, Mall of America modified the terms of its $1.4 billion mortgage, while Macy’s intends to close 45 retail locations. Plus, Hive Brands seeks to become the Whole Foods of sustainable items.
Mall of America has adjusted the conditions of its $1.4 billion mortgage and is current on the debt. “Facing these unprecedented economic times, we immediately began to work with our lending partners to address the cash flow issues created by this loss of revenue. We are pleased to have been able to resolve the outstanding issues to the satisfaction of all parties involved which included a modification of the loan terms,” the mall said in a statement to PYMNTS.
Macy’s is said to have told staff members at approximately 45 stores that they will close by mid-2021. The company intends to close 125 shops by 2023, as revealed in the past. “As previously announced, Macy’s is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls,” a representative for the department store retailer said in a statement, as per a published report.
Hive Brands, the new eco-friendly commerce platform, hopes it can be kind of the Whole Foods of sustainable goods, as well as receive the Good Housekeeping seal of approval for ethically produced items. Shoppers can browse for merchandise based on product categories such as “Snack Foods” or by looking at the social good a firm promotes like “Human & Animal Rights.”
Charming Charlie, the women’s clothing and accessories company, is aiming to have a large comeback this year approximately one and a half years after the company fell into bankruptcy and shuttered all 261 of its shops. The chained opened six sites last year and intends to open a minimum of 10 more this year.