Owner of Over 100 US Malls Files for Bankruptcy
Washington Prime Group, the corporation which owns more than 100 U.S. malls, filed for bankruptcy on June 13 citing financial woes tied to the CCP virus pandemic. “The COVID-19 pandemic has created significant challenges for many companies, including Washington Prime Group, making a Chapter 11 filing necessary to reduce the Company’s outstanding indebtedness,” the company said in a press release. “Throughout the restructuring process, the Company remains committed to serving as a preeminent operator of retail town centers and will continue to serve its guests.” The Ohio-based real estate investment trust filed paperwork for Chapter 11 bankruptcy in federal court on June 13, court documents (pdf) show. The filing would allow the company to remain in business while it restructures its debt and seeks a route to fully repay its creditors. Washington Prime Group (WPG) owned interests in 104 malls containing 56 million square feet of leasable retail space as …
Originally found on the Epoch Times Read More
