The group that runs the outdoor Arbor Hills mall files for Chapter 11 bankruptcy
ANN ARBOR, MI – Washington Prime Group Inc., which operates the Arbor Hills shopping center in Ann Arbor, has filed for Chapter 11 bankruptcy, the company said earlier this week.
Bankruptcy allows a business to restructure its debt. Washington Prime Group has secured $ 100 million in financing through willing creditors to handle day-to-day operations.
The company, which has approximately $ 1 billion in debt, said the coronavirus pandemic was the reason for the restructuring. He said the restructuring will take a few months.
“The financial restructuring of the company will allow WPG to resize its balance sheet and position the company for success going forward,” Lou Conforti, CEO and Director of Washington Prime Group, said in a statement. declaration. “During the financial restructuring, we will continue to work to maximize the value of our assets and our operating infrastructure. “
Washington Prime Group said that the activities of its outlets, such as Arbor Hills in Ann Arbor, would continue to operate as usual. Arbor Hills is the only site in Michigan managed by Washington Prime Group. It features companies like Anthropologies, Dry Bar, lululemon, Madewell and Shake Shack.
The mall advertises itself as a “Premier Outdoor Mall” on its website.
Arbor Hills could not be reached for comment. The Washington Prime Group declined to comment further.
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