Here's what we are reading this morning:
Malls Ditch Shopping to Fill Wasteland of Vacant Retail Stores - Bloomberg: Imagine 16 deserted Mall of Americas. That’s how much space battered mall owners need to fill heading into 2022, more than 90 million square feet. It’s no easy task, with dozens of retail chains already cutting back or shutting down, and it won’t get any better if the newest pandemic wave scares off shoppers.
China Evergrande Has Defaulted on Its Debt, Fitch Says - The New York Times: A ratings firm’s declaration confirmed what investors had already suspected, but they now must wait on a restructuring plan overseen by the firm hand of Beijing.
U.S. Mall Values Plummeted by One-Third in 4 Years: Green Street: U.S. shopping mall values have struggled in recent years before valuations tanked in the wake of the pandemic amid an e-commerce boom.
GameStop adds inventory, execs, tech offices and millions in losses | Retail Dive: The company has opened offices in Seattle and Boston and made more than 200 senior hires as it pursues a vaguely outlined transformation.
Arizona Coyotes pay taxes, won't be iced out of arena: Following a report on Wednesday night that the team was at risk of losing access to Gila River Arena because of more than $1.3 million in unpaid city and state taxes, Arizona has since come current on all bills and tax liabilities.
Government asks Supreme Court to review $324 mln bankruptcy fee fight | Reuters: The U.S. Department of Justice’s bankruptcy watchdog is urging the U.S. Supreme Court to take up a dispute over bankruptcy fees Chapter 11 debtors are required to pay the government that has divided top appellate courts across the country.