Published on March 21st, 2020 📆 | 3482 Views ⚑
0Taubman Centers, Inc. to Temporarily Close Shopping Centers in Response to COVID-19
Taubman Centers, Inc. (NYSE: TCO) today announced the temporary closures of all but two of the companyâs U.S. shopping centers in response to COVID-19. The closures will be effective at the close of business on March 19 and will continue through March 29, or later if required by state or local government.
"After numerous discussions with state and local officials, we will temporarily cease operations in all but two centers this evening," said the companyâs Chairman, President and CEO Robert S. Taubman. "We are clearly in unprecedented times and this is right decision for our shoppers, retailers, employees and these communities."
Following is the list of malls that will temporarily close:
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="California
Beverly Center (Los Angeles)
Sunvalley Shopping Center (Concord)
The Gardens on El Paseo (Palm Desert)" data-reactid="23">California
Beverly Center (Los Angeles)
Sunvalley Shopping Center (Concord)
The Gardens on El Paseo (Palm Desert)<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Colorado
Cherry Creek Shopping Center (Denver)" data-reactid="24">Colorado
Cherry Creek Shopping Center (Denver)<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Connecticut
Stamford Town Center (Stamford)
Westfarms Mall (West Hartford)" data-reactid="25">Connecticut
Stamford Town Center (Stamford)
Westfarms Mall (West Hartford)<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Florida
Dolphin Mall (Miami)
International Plaza (Tampa)
The Mall at University Town Center (Sarasota)" data-reactid="26">Florida
Dolphin Mall (Miami)
International Plaza (Tampa)
The Mall at University Town Center (Sarasota)<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Michigan
Great Lakes Crossing Outlets (Auburn Hills)
Twelve Oaks Mall (Novi)" data-reactid="27">Michigan
Great Lakes Crossing Outlets (Auburn Hills)
Twelve Oaks Mall (Novi)<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="New Jersey
The Mall at Short Hills (Short Hills)" data-reactid="28">New Jersey
The Mall at Short Hills (Short Hills)<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Puerto Rico
The Mall of San Juan (San Juan)" data-reactid="29">Puerto Rico
The Mall of San Juan (San Juan)<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Tennessee
The Mall at Green Hills (Nashville)" data-reactid="30">Tennessee
The Mall at Green Hills (Nashville)<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Utah
City Creek Center (Salk Lake City)" data-reactid="31">Utah
City Creek Center (Salk Lake City)<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Virginia
Fair Oaks Mall (Fairfax)" data-reactid="32">Virginia
Fair Oaks Mall (Fairfax)
In some markets, restaurants or other tenants with exterior public entrances at enclosed malls may stay open at their discretion, as and to the extent permitted by law. Businesses with entrances inside of the mall will be closed.
Tenants at the companyâs open-air, street-front retail centers â Country Club Plaza (Kansas City, Mo.) and International Market Place (Waikiki, Hawaii) â may continue to operate.
Taubman and The Forbes Company together own the following Florida centers that temporarily closed starting today, March 19, and will remain closed until at least March 29: Waterside Shops (Naples), The Mall at Millenia (Orlando) and The Gardens Mall (Palm Beach Gardens). Some full-service restaurants may remain open for takeout. These centers are managed by The Forbes Company.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Asia Centers" data-reactid="36">Asia Centers<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="In Asia, the company operates three shopping centers - CityOn.Xiâan (Xiâan, China) and CityOn.Zhengzhou (Zhengzhou, Henan, China) in China and Starfield Hanam (Hanam, South Korea). In response to COVID-19, CityOn.Xiâan was closed for 34 days and reopened on February 29. CityOn.Zhengzhou was closed for 10 days and reopened on February 27. Starfield Hanam never closed due to the virus and remains in operation. The company continues to comply with the highest standards of public safety in Asia." data-reactid="37">In Asia, the company operates three shopping centers - CityOn.Xiâan (Xiâan, China) and CityOn.Zhengzhou (Zhengzhou, Henan, China) in China and Starfield Hanam (Hanam, South Korea). In response to COVID-19, CityOn.Xiâan was closed for 34 days and reopened on February 29. CityOn.Zhengzhou was closed for 10 days and reopened on February 27. Starfield Hanam never closed due to the virus and remains in operation. The company continues to comply with the highest standards of public safety in Asia.<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="About Taubman" data-reactid="38">About Taubman<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubmanâs U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com." data-reactid="39">Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubmanâs U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="For ease of use, references in this press release to "Taubman Centers,", "we", "us", "our", "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform." data-reactid="40">For ease of use, references in this press release to "Taubman Centers,", "we", "us", "our", "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="This press release contains certain "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as "believes", "anticipates", "expects", "may", "will", "would," "should", "estimates", "could", "intends", "plans" or other similar expressions are forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: the failure to receive, on a timely basis or otherwise, the required approvals by Taubmanâs shareholders; the risk that a condition to closing of the transaction may not be satisfied; Simonâs and Taubmanâs ability to consummate the transaction; the possibility that the anticipated benefits from the transaction will not be fully realized; the ability of Taubman to retain key personnel and maintain relationships with business partners pending the consummation of the transaction; and the impact of legislative, regulatory and competitive changes and other risk factors relating to the industries in which Simon and Taubman operate, as detailed from time to time in each of Simonâs and Taubmanâs reports filed with the SEC. There can be no assurance that the transaction will in fact be consummated." data-reactid="41">This press release contains certain "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as "believes", "anticipates", "expects", "may", "will", "would," "should", "estimates", "could", "intends", "plans" or other similar expressions are forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: the failure to receive, on a timely basis or otherwise, the required approvals by Taubmanâs shareholders; the risk that a condition to closing of the transaction may not be satisfied; Simonâs and Taubmanâs ability to consummate the transaction; the possibility that the anticipated benefits from the transaction will not be fully realized; the ability of Taubman to retain key personnel and maintain relationships with business partners pending the consummation of the transaction; and the impact of legislative, regulatory and competitive changes and other risk factors relating to the industries in which Simon and Taubman operate, as detailed from time to time in each of Simonâs and Taubmanâs reports filed with the SEC. There can be no assurance that the transaction will in fact be consummated.
248-258-7469 or mmainville@taubman.com " data-reactid="53">Maria Mainville, Taubman, Director, Strategic Communications
248-258-7469 or mmainville@taubman.com <p class="canvas-atom canvas-text Mb(1.0em) Mb(0)--sm Mt(0.8em)--sm" type="text" content="Erik Wright, Taubman, Manager, Investor Relations
248-258-7390 or ewright@taubman.com" data-reactid="54">Erik Wright, Taubman, Manager, Investor Relations
248-258-7390 or ewright@taubman.com
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