Cherry Creek Mall, Denver’s high-end shopping destination, won’t get a new owner as planned.
Simon Property Group called off a deal to purchase Taubman, the owner of Cherry Creek. Simon, the largest mall owner in the U.S., claims that Taubman failed to make the necessary spending cuts to mitigate the impact of the pandemic on its business.
In February, the companies signed a merger agreement that gave Simon the right to terminate the transaction if the pandemic disproportionately hurt Taubman, Simon said in a statement announcing its decision to call off the $3.6 billion deal.
Malls across the country closed in March, along with other retailers, to stop the spread of COVID-19. The Cherry Creek Mall hasn’t reopened, but certain stores and restaurants are open for curbside pickup, according to its website. Taubman owns 27 shopping centers in various U.S. cities.