Taubman Centers will close all but 2 of its malls at least through March 29
Taubman Centers Inc. TCO, +4.31% said Thursday that it will close all but two of its U.S. malls starting the close of business, in response to the COVID-19 pandemic. The real estate investment trust said the shopping center would remain closed through March 29, or later if required by state or local government."We are clearly in unprecedented times and this is right decision for our shoppers, retailers, employees and these communities," said Chief Executive Robert Taubman.
The two"open-air, street-front" retail centers staying open are Country Club Plaza in Kansas City, Missouri and International Market Place in Waikiki, Hawaii. In China, Taubman said the two malls its operates have been open since late February, while the one mall it operates in South Korea never closed. The stock rose 1.8% in afternoon trading. It has lost 22.3% over the past month, while the SPDR Real Estate Select Sector ETF XLRE, -0.16% has dropped 29.7% and the S&P 500 SPX, +2.
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