Lindale Mall owner files for bankruptcy
Last year’s pandemic has made it harder for businesses across the country, and shopping malls are among the hardest hit. A business model that has already started to struggle in recent years is shopping malls in very difficult times. These problems have been exacerbated by tenants unable to pay rent due to the massive business slump caused by the pandemic. Unfortunately, the owner of the Lindale Mall is no different.
The owner of Lindale Mall, Washington Prime Group, has announced that it has filed for Chapter 11 bankruptcy. That means the company wants to restructure its debt but would not end up paying the full amount if the bankruptcy petition is approved. The good news is the Gazette reports that things shouldn’t change at Lindale Mall. Lindale will remain open during the bankruptcy process.
The Lindale Mall website reveals that the Cedar Rapids mall has more than 60 tenants. It also indicates that “Beautifully Hers” is coming soon. The website describes the store as “natural luxury personal care and beauty products”.
Reuters says the Washington Prime Group’s Chapter 11 bankruptcy aims to overwork approximately $ 4 billion in debt. The Gazette reports that the company is providing $ 100 million for day-to-day operations in shopping malls.
Washington Prime Group, based in Columbus, Ohio, also owns closed malls and open-air malls. According to Reuters, the company owns around 100 shopping centers. Many of them were closed at least temporarily during the pandemic.