Mall owner Washington Prime declares bankruptcy, calling pandemic "insurmountable"
CBSN
Washington Prime Group has filed for bankruptcy protection, becoming the third major U.S. mall owner to go under because of the hit to shopping caused by the coronavirus pandemic.
Washington Prime, which operates 102 malls around the country, said stay-at-home orders and mandated business closures last year hurt business. "These measures ceased or significantly decreased foot traffic in Washington Prime Group's shopping centers, retail stores and restaurants," the company said in court documents filed Friday in the U.S. Bankruptcy Court for the Southern District of Texas. "The COVID-19 pandemic proved insurmountable." Company officials said in a statement that a new $100 million loan will keep its malls in operation while Washington Prime goes through bankruptcy proceedings. It has has $3.5 billion in total debt and roughly $4 billion in assets, court documents show.
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