Proprietor of area malls emerges from personal bankruptcy

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Washington Primary owns more than 100 locations throughout the United States. In addition to the Shopping mall at Fairfield Commons and Dayton Shopping mall, the firm owns 7 other Ohio attributes: Good Lakes Mall in Mentor Indian Mound Shopping mall in Heath, Lima Shopping mall in Lima, New Towne Mall in New Philadelphia, Polaris Vogue Position in Columbus and Southern Park Mall in Youngstown

“It’s business as usual…,” a WPG spokesperson stated in an electronic mail to this information outlet Monday. “We see this new commencing as a time to develop even more vitality, dynamism and innovation for our visitors, retailers and community partners. We appear forward to continuing to carry individuals together in ways only actual physical spaces can — to share activities, interact with products and providers and most importantly shell out time alongside one another.”

WPG submitted for Chapter 11 bankruptcy security in June, expressing it experienced a restructuring help settlement with lenders that personal about 73% of its exceptional secured corporate financial debt and 67% of its unsecured notes — and importantly, the enterprise also experienced secured $100 million in a debtor-in-possession mortgage to fund day-to-day functions during the Chapter 11 approach.

A target not only of the pandemic but of an ever more weakened situation for retail brick-and-mortar nationwide, Washington Primary has observed mall anchors and regular-sizing tenants sliding into individual bankruptcy and shuttering their outlets. Elder-Beerman and Sears in 2018 closed places at both Dayton Shopping mall and The Shopping mall at Fairfield Commons.

Glimcher Realty Have faith in — which at just one time owned and operated both equally malls — was acquired out by Washington Primary Group in 2014. In September, WPG voluntarily delisted its stocks from the New York Stock Trade.

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