Problems with mortgage-backed securities ultimately led General Growth Properties Inc. into last week’s bankruptcy filing, but there may be repercussions beyond basic asset sales and cost cuts for other real estate investment trusts and their tenants.
“It casts a dark cloud over all the REITs that are out there, but one should not draw any hasty conclusion that others will follow. The General Growth filing was inevitable….They had a big expansion spurt a few years ago and leveraged everything. They grew a little too big too fast,” said Anthony Sabino, a professor of law and business at St. John’s University.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)