- June 15, 2021
- Posted by: Stratford Team
- Category: Business
Washington Prime Group is promising to continue “business as usual” at its Southern Park Mall after the retail property owner filed for Chapter 11 bankruptcy late Sunday.
The company and 88 of its affiliated debtors voluntarily filed a petition for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas.
In a prepared statement released Monday, Washington Prime cited impacts by the COVID-19 pandemic as creating “significant challenges for many consumer-facing companies.”
“The company has determined that the Chapter 11 path is the most effective next step to resolve the company’s outstanding indebtedness as we emerge from the pandemic,” Washington Prime said.
Throughout the financial restructuring, Washington Prime has said it will continue its part of the $30 million investment at the Southern Park Mall, of which about $9 million has already been spent.
The centerpiece of the investment is DeBartolo Commons, a 4-acre…
