Simon Blasts Store Closures in Ascena Retail’s Bankruptcy Plan

Simon Property Group Inc., one of the largest U.S. mall operators, is opposing Ascena Retail Group Inc.'s Chapter 11 reorganization plan, arguing that a buyer of Ann Taylor and other Ascena brands hasn’t fully assured the landlord that it will pay rent.

Bankruptcy law entitles shopping center operators to demand a heightened showing from a buyer of bankrupt businesses that it will continue to pay real estate leases assumed in the transaction, Simon said in a court filing with the U.S Bankruptcy Court for the Eastern District of Virginia Wednesday.

Ascena, the clothing retailer whose brands also include Lane Bryant, ...