The nation's second-largest mall operator, headed for Chapter 11 bankruptcy protection, owns seven malls in Washington. General Growth Properties of Chicago says the restructuring ``will be invisible'' to shoppers at its more than 200 malls in 44 states. In Washington, those are SouthShore in Aberdeen, Westlake in Seattle, Alderwood at Lynnwood, Bellis Fair at Bellingham, Three Rivers in Kelso, and NorthTown and Spokane Valley at Spokane.
South Shore Mall Manager Nina Morean said that the mall is still open (in the attached audio)
Morean echoed General Growth statements that the restructuring promises to be transparent to the business owner and shopper, adding that there is even growth potential for the South Shore Mall.
The website GGP.COM lists all properties involved in the filings, and while the Aberdeen property is listed as "Involved in the Filing", along with three other Washington State properties, Chapter 11 filing status allows the company time to restructure or reduce their debts while continuing the day-to-day operations.
The nation's second-largest mall operator filed for Chapter 11 bankruptcy protection in New York early Thursday after it failed to persuade a majority of its debt holders to give it more time to refinance billions of dollars in debt. The Chicago-based company warned last fall it might have to seek bankruptcy protection.