Sotheby’s will auction the diamond, which it says is “arguably the most significant pink diamond to ever appear at auction,” in June.
Simon, Brookfield to Acquire JC Penney
The proposed deal would keep 650 locations open and save 70,000 jobs.
Plano, Texas—JC Penney may be saved after all.
Simon Property Group and Brookfield Property Partners are finalizing an $800 million deal to buy the department store chain.
The mall owners will pay $300 million in cash and assume $500 million in debt, according to a statement by Joshua Sussberg of the law firm Kirkland & Ellis, which is representing JC Penney.
The move would allow the retailer to avoid liquidation, said Sussberg.
The deal would keep 650 of its 850 locations open and save 70,000 of its 85,000 jobs.
“We are in a position to do exactly what we set out to do at the very beginning of these cases, and that is preserve 70,000 jobs, a tenant for landlords, a vendor partner and a company that has been around for more than a century,” he said during a hearing last week.
Licensing company Authentic Brands Group may join in on the plan, according to a Business Insider report.
The company has joined forces with Simon and Brookfield before, acquiring Forever 21 earlier this year and Aeropostale in 2016.
When the deal goes through, creditor Wells Fargo has agreed to give JC Penney $2 billion in revolving credit, leaving it with $1 billion in cash.
The retailer filed for Chapter 11 bankruptcy protection in May as it struggled with the effects of the coronavirus pandemic and its mounting debt.
In exchange for forgiving some of its $5 billion in debt, its lenders, including H/2 Capital Partners, will take ownership of some of its stores and distribution centers.
In June, Sussberg valued JC Penney’s real estate portfolio at $1.4 billion when its stores are operating and $704 million when they’re not.
The retailer will seek approval for the deal in early October and expects to emerge from bankruptcy before the holiday season.
The Swiss watchmaker introduced 17 new models at Watches & Wonders Geneva.
At Watches & Wonders, the Swiss brand unveiled a follow-up to last year’s Tonda PF GMT Rattrapante.
Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
The “rêve” collection’s engagement rings and wedding bands are geared toward “sustainability minded customers.”
A new word appears on the dial each day of the week.
Bensons Jewelers closed for good Feb. 24, impacted in part by the decline in foot traffic downtown since the onset of the pandemic.
De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
Kolja Kiofsky has been with the crystal and jewelry company since 2010.
The Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.
Massimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.
AGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.
Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.
The watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.
Adam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.
The watch marketplace gathered data from 1.3 million collectors, highlighting the most popular timepieces and exploring value appreciation.
Burgundy has opted not to exercise its option to buy the mining claims Gibb River Diamonds currently owns.
Patented and specialty cuts now can receive an 8X Proprietary Certificate, which can be customized to include a company’s brand and logo.
The organization said it will recognize those who exemplify the idea that doing good is good business.
Kendall Jenner once again is fronting the French brand’s campaign, joined by model and dancer Alton Mason.
The CEOs of Signet, Helzberg, and GIA spoke on a water conservation panel, and had lakes named in their companies’ honor.
Sales of the sleek sterling silver and diamond design will go to nonprofit organization charity: water.
Expected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.
With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.
Jewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.
Johnson joined the retailer in 1987, establishing its first human resources department.
Supplier Spotlight Presented by IGI