Lindale mall owner goes bankrupt
Last year’s pandemic made it difficult for businesses across the country, and shopping malls were among the hardest hit. An economic model that had already started to struggle in recent years, shopping centers have experienced very difficult times. These problems were exacerbated by tenants who were unable to pay their rent due to the huge declines in activity caused by the pandemic. Sadly, the owner of Lindale Mall is no different.
Lindale Mall owner Washington Prime Group has announced that it has filed for Chapter 11 bankruptcy. This means the company wants to restructure its debt, but it won’t pay the full amount if it files for bankruptcy. is approved. The good news is Gazette reports that things at Lindale Mall shouldn’t change. Lindale will remain open during the bankruptcy process.
Lindale Shopping Center website reveals that Cedar Rapids mall has more than 60 tenants. It also indicates that “Beautifully Hers” is coming soon. The site describes the store as “all-natural luxury beauty and body care products.”
Reuters says Washington Prime Group’s Chapter 11 bankruptcy aims to rework approximately $ 4 billion in debt. the Gazette reports that the company has $ 100 million that it is allocating to ongoing shopping center operations.
Washington Prime Group, which is based in Columbus, Ohio, also owns closed malls and outdoor malls. According to Reuters, the company owns about 100 shopping centers. Many of them have been closed for at least a while during the pandemic.