- June 15, 2021
- Posted by: Stratford Team
- Category: Business
The corporate owner of Southgate Mall in Missoula filed for Chapter 11 bankruptcy on Sunday, saying the lingering impacts from the pandemic forced its hand.
Washington Prime Group (WPG), which stands as one of the nation’s largest mall owners, said the voluntary move will enable the company to restructure its business model moving forward.
In its announcement, the company said it had secured the necessary financing to continue day-to-day operations to “ensure that all business operations continue” without interruption.
“Washington Prime Group’s guests, retailers and business partners can expect business as usual at all of the company’s retail town centers throughout the proceedings,” the firm stated.
Temporary closures and relaxation of rent to some of its tenants contributed to the bankruptcy. Filing for Chapter 11 will enable the company to deleverage its nearly $1 billion in debt.
“The company’s financial restructuring will enable…
