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Walloped by sagging sales and crippling debt, retailer J.C. Penney Co. Inc. wants to offload its real estate into a publicly-traded REIT as part of its Chapter 11 bankruptcy case. Some observers are optimistic, hailing the proposed REIT as a smart move and a “pretty good bet.” Critics are dubious, calling the company-owned stores an “albatross” and labeling the REIT concept an “odd value proposition.”
Fitness clubs rocked by Covid-19 closures face a swell of bankruptcies with more than $10 billion of revenue wiped out as clients ditch memberships, according to investment bank Harrison Co.
McDonald’s Corp. is facing a class-action lawsuit seeking compliance with health guidelines, reports Reuters. Construction work on a nine-story wooden mixed-use building continues in Cleveland, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.
