Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
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 Latest
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.