Mall Of Georgia Crossing Owner Files For Chapter 11 Bankruptcy

Dacula GA

15 June, 2021

6:15 PM

Description

GWINNETT COUNTY, GA — The COVID-19 pandemic has forced the owner of a major shopping center near Mall of Georgia into Chapter 11 bankruptcy, according to court filings. Washington Prime Group — which operates Mall of Georgia Crossing in Buford as well as 101 other shopping centers nationwide — made its filing in the U.S. Bankruptcy Court for the Southern District of Texas, according to USA Today and other news outlets. The company itself is based in Columbus, Ohio. Mall of Georgia Crossing is home to 25 tenants including Target, Hobby Lobby, Staples and Best Buy. Chapter 11 bankruptcy would allow the mall to stay open and Washington Prime to remain in business while it restructures its debt. "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 statement released Sunday. Even before the pandemic, malls were already struggling. According to Coresight Research as cited by USA Today, about one fourth of all malls in America are expected to disappear in the next two to four years. Last year, another mall operator with Atlanta-area properties filed for Chapter 11 bankruptcy protection. CBL Properties, which owns Arbor Place in Douglasville and The Outlet Shoppes at Atlanta in Woodstock, filed in November. Read the article in USA Today and the statement from Washington Prime Group. RELATED: Arbor Place Mall Owner Strikes Debt Deal To Stay In Business