(AP/WKRN) – The nation’s biggest mall owner is backing out of a $3.6 billion deal to buy a major rival as the coronavirus pandemic shakes the retail economy.
Simon Property Group, which owns Opry Mills in Nashville, said it would buy Taubman Centers, owner of The Mall at Green Hills, in early February.
The announcement came just weeks before the CDC said a California patient was being treated for coronavirus, the first known case in the U.S.
The Associated Press reported the deal was the second major retail deal signed just before the U.S. COVID-19 pandemic spread to crumbled. Last month, a deal to sell Victoria’s Secret to a private equity group fell apart.
The Associated Press contributed to this report.