Complex sentence: Plans were also announced to replace the empty Dillard's with a new Target Greatland, and JC Penney announced its intention to return to the mall and open a new store at the Spectrum.
Split into simpler sentences: Plans were also announced to raze the vacant Dillard's, replacing it with a new Target Greatland. Also, JC Penney announced its intention to return to the mall and open a new store at the Spectrum.