-November 22,2020-
JC Penny update
Visalia Mall’s parent company Brookfield Properties is close to buying JC Penney, now in bankruptcy.In the past few days the U.S. Bankruptcy Court for the Southern District of Texas has approved the asset purchase agreement with Brookfield Asset Management, Inc., Simon Property Group and creditors.The sale would be through a combination of cash and new term loan debt.
“Our goal from the beginning of this process has been to ensure JCPenney will continue to serve customers for decades to come and this Court approval accomplishes that objective,” said Jill Soltau, CEO, JCPenney. “With the 2020 holiday season in full swing, we are excited to operate under the new ownership of Brookfield and Simon outside of Chapter 11 and under the JC Penney banner.
For Visalia Mall the news solidifies the role of one the big anchors at the shopping mall helping them to continue to attract tenants in this uncertain retail environment. The mall’s largest players, Penny’s ,Macy’s and Old Navy have had a tough 2020 but ” now are preparing for the most important holiday quarter in recent memory” notes one analyst.
VF Corp buys direct-to-consumer company
VF Corporation, the international clothing company with a big presence in Visalia announced this week they had acquired Supreme®, a privately-owned global streetwear brand. The transaction is expected to be completed late in calendar year 2020. Supreme® sells apparel, accessories and footwear under its namesake brand globally through direct-to-consumer channels, primarily digital.
The Supreme® brand’s founder, James Jebbia and the senior leadership team of the brand will remain with the company, headquartered in New York City, New York.
“We are thrilled to welcome Supreme® to the VF family and to build on our decades-long relationship as we create value for all of our stakeholders.
Goshen attracts more home builders
Greg Nunley wants to build 37-acre project
Self Help Enterprises adding more multi-family units, sfh lots plus a grocery store
Goshen continues to feel its oats. Not only is the Hwy 99 town adding all sorts of new highway commercial projects but three major home builders are now planning more units in the community.
Already Porterville’s Smee Builders is busy on the the west side of the freeway with the Cross Creek- a 400 unit subdivision of single family homes.Now another builder -Tulare developer Greg Nunley has plans for a 37 acre residential and commercial project at the sw corner of Rd 72 and Riggin, on the east side of the Betty Drive interchange. Nunley, a retiring city council member in Tulare, filed the plan with the county recently.
Meanwhile affordable housing builder Self Help Enterprise is about to break ground on a second phase at Sequoia Commons, a multi family project expanding it to 126 units. Also SHE is soon to offer an 89 lot traditional build-it-yourself – Self Help single family home project says CEO Tom Collishaw.
In some exciting news for Goshen, Collishaw says this small farmworker community can expect to see its first grocery store on a six-acre parcel along Riggin that Self Help is in the process of selling. The unnamed buyer will promise to build a grocery store in what Collishaw calls this “food desert.”People now have to travel 6 mikes for a full service grocery store. The developer will have room to add adjacent commercial stores.
Hampton Inn planned for Three Rivers
Three Rivers could get a Hampton Inn & Suites next to the Comfort Inn along Highway 198. The 2.8 acre site is vacant next to the abandoned restaurant that used to be called ‘The Indian.’
The developer, Christopher Ott is building a 3-story,105 room hotel according to the county. The project held a public scoping session recently. This would be the first new hotel in this tourist town in over 20 years. The development comes after plans to build a boutique hotel last year caused the developer to pull the project.