Macy ’s store closings could affect securitised commercial mortgages worth $ 3.64bn , according to Consumer Credit Ratings . In January , Macy ’s announced plans to close 36 stores , last week it increased the number by two . While the store closures do not directly impact a securitisation , they could create problems for individual loans backed by malls with Macy ’s as a tenant . Securitised mortgages backed by properties with direct exposure to Macy ’s as a tenant total $ 7.13bn , with loans collateralised by regional malls that include Macy ’s as an anchor or a “ shadow anchor ” tenant reaching $ 28.49bn . Some shopping centres , such as The Hudson Valley Mall in upstate New York , have run into problems resulting from Macy ’s closing anchor or shadow - anchor stores .
Macy’s store closings could impair securitised commercial mortgages worth $3.64bn, according to Morningstar Credit Ratings. In January, Macy’s announced plans to close 36 stores, last week it increased the number by 100. While the store closures do not directly impact a securitisation, they could create problems for individual loans backed by malls with Macy’s as a tenant. Securitised mortgages collateralised by properties with direct exposure to Macy’s as a tenant total $7.13bn, with loans collateralised by regional malls that include Macy’s as an anchor or a “shadow anchor” tenant reaching $28.49bn. Some shopping centres, such as The Hudson Valley Mall in upstate New York, have run into difficulties resulting from Macy’s closing anchor or shadow-anchor stores.