Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
MajorsJun 10, 2020
Mall Owner Simon Wants Out of Taubman Deal
Simon Property Group is scrapping plans to buy its rival due to the effect of the coronavirus on Taubman’s malls.
Copley Place in Boston is a Simon-owned shopping center. The mall owner terminated its merger agreement with Taubman Centers, which it said was “disproportionately” affected by the COVID-19 pandemic. (Image courtesy of Simon Property Group’s website)
Indianapolis—Simon Property Group has abandoned plans to buy rival mall owner Taubman Centers, a deal valued at $3.6 billion, the company announced Wednesday.
The terms of the merger agreement allowed Simon to terminate the deal “in the event that a pandemic disproportionately hurt Taubman,” according to a press release.
Simon filed an action in the Sixth Judicial Circuit of Oakland County, Michigan against Taubman, requesting a declaration that Taubman has suffered “a material adverse event” and breached its obligations regarding its business operations.
The complaint states the COVID-19 pandemic has had a “unique” and “disproportionate” effect on Taubman compared with others in the retail real estate industry.
The mall operator has several factors working against it, said Simon—a significant number of enclosed retail properties, and malls located in major metropolitan areas that depend on domestic and international tourists and showcase high-end stores.
Taubman has not yet publicly commented on Simon’s desire to terminate the merger agreement, and did not immediately respond to request for comment from National Jeweler.
Taubman owns, manages or leases 26 shopping centers in the United States and Asia, including the Beverly Center in Los Angeles and The Mall at Short Hills in New Jersey, as well as shopping centers in Xi’an, China and Hanam, South Korea.
Simon’s portfolio includes several upscale shopping venues, including Copley Place in Boston and The Forum Shops at Caesars Palace in Las Vegas, as well as shopping centers across Europe and Asia.
Looking to Taubman’s business operations, Simon claimed the mall owner failed to protect itself against the impact of the pandemic or take cues from others in the industry, including by not making “essential cuts” to its operating expenses and capital expenditures.
But in Taubman’s recent first-quarter results, the mall owner said it expects to reduce its operating expenses by approximately $10 million for the year. It also deferred between $100 million to $110 million of planned capital expenditures.
Taubman closed all but two of its U.S. shopping centers on March 19, with the other two closing shortly after that.
Simon closed its shopping centers around the same time, but began reopening select locations in May.
Simon Property Group was recently part of another major deal.
Alongside fellow mall owner Brookfield Property Partners and licensing company Authentic Brands Group, the group reached a deal to buy Forever 21 for $81 million after the fast-fashion retailer filed for bankruptcy.
More on Majors
The Latest
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry ServiceThe new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ CollectionThe brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy CoreyCorey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado JewelerCharles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.
Events & AwardsOct 15, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next YearTimepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department LeadershipThe auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom DixonAs chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper FlaggThe parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.
SourcingOct 14, 2025
Pragnell Debuts Kitulo Garnet Jewelry The UK-based brand sourced the gemstones, which are fully traceable, from an artisanal mining community in Tanzania.
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
