Owner of Lindale Mall Files For Bankruptcy
The pandemic over the last year has made things difficult for businesses around the country and malls have been among the hardest hit. A business model that had already begun to struggle in recent years, malls have fallen on very difficult times. Those problems were exacerbated by tenants who were unable to pay rent because of the huge downturns in business caused by the pandemic. Unfortunately, the owner of Lindale Mall is no different.
Lindale Mall's owner, Washington Prime Group, has announced that they've filed for Chapter 11 bankruptcy. That means the company wants to restructure its debt, but wouldn't end up paying the entire amount if their bankruptcy filing is approved. The good news is the Gazette reports that things at Lindale Mall shouldn't change. Lindale will be staying open during the bankruptcy process.
Lindale Mall's website reveals the Cedar Rapids mall has more than 60 tenants. It also indicates "Beautifully Hers" is coming soon. The site describes the store as "all-natural luxury body care and beauty products."
Reuters says Washington Prime Group's Chapter 11 bankruptcy aims to rework a debt of approximately $4 billion. The Gazette reports the company has $100 million that they are earmarking for ongoing operations at malls.
Washington Prime Group, which is based in Columbus, Ohio, owns enclosed malls and open-air shopping centers as well. According to Reuters, the company owns about 100 shopping centers. Many of them were closed for at least a time during the pandemic.
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