SPG owns 10 malls with Circuit City stores
It appears that Circuit City has 10 stores at SPG-owned properties. I added to my Simon Properties short today at $44.20. Circuit City’s bankruptcy will have a real impact on SPG’s revenue, and it’s just the beginning of corporate bankruptcies that could crush Simon.
When a store like Circuit City closes it’s doors, it affects ALL the stores around it and in the mall. Less traffic, less revenue, less rent, more defaults. I think SPG has a lot farther to fall (A LOT).
Side note – I also bought some AAPL at $81.86. This thing is dirt cheap.
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[...] added to my short position in SPG last Friday, as I posted here. Haven’t covered any of that, and suspect SPG has much farther to fall. If you’re [...]
[...] the week, even after their recent run-up. I’m still holding most of the Apple shares I bought here @$81 (yes, I’m still holding most of the SPG short too, ouch). I’d rather own a company [...]
[...] actually be done (yes, it’s been said before). I sold most of my remaining AAPL today, from a lucky grab @81.86 here. Also shorted WFC on Monday [...]