American Eagle joins exodus from San Francisco mall
SAN FRANCISCO - American Eagle is the latest store slated to exit the struggling San Francisco Centre, which has witnessed a string of major retailers vacate.
American Eagle will shutter its store inside the San Francisco Centre, formerly known as the Westfield San Francisco Centre, on July 12. The closure will leave 52 employees out of a job, according to filings under California's Worker Adjustment and Retraining Notification Act (WARN).
The San Francisco Chronicle reported that American Eagle's impending departure comes four years before its lease is up.
In September, the parent company of the popular clothing brand filed a lawsuit against Westfield alleging negligence in security and management responsibilities. According to the Chronicle, the suit alleges that after the pandemic began employees were on the end of physical assaults and robberies.
American Eagle joins a list of major tenants to leave the beleaguered San Francisco Centre, including Hollister, Aldo, Adidas, Madewell, and J. Crew, all of whom left in January. The departure of anchor tenant Nordstrom in August, abandoning over 312,000 square feet across five floors, was a huge blow.
San Francisco's Westfield Centre owner ending operation of the mall
Westfield Centre on Monday says they are transferring management of the San Francisco shopping mall to its lender, who will then appoint a receiver to operate the property.
According to The Real Deal, the mall's value plummeted from $1.2 billion in 2016 to $290 million today, with over half of the building now vacant.
Despite its decline, some retailers like Bloomingdale's, Coach, H&M, Footlocker, Steve Madden, Victoria's Secret, and Zara continue to operate within the mall.
Trident Pacific, the new owners of the San Francisco Centre, have attempted to revitalize the flailing retail space.
Trident Pacific assumed ownership of the mall after the default of a $558 million loan by Westfield's parent company, Unibail-Rodamco-Westfield, and its partner Brookfield Properties.