Washington Prime Group Malls {June} Result Of Pandemic!>> This news article shares important insight regarding a mall owner with a bankruptcy protection case.
The COVID-19 pandemic has had various negative effects on human beings apart from having a positive one to the environment. Among various negative effects of it on health and other factors, one major impact can be seen on a country’s economy. This article will analyse one such impact on a mall owner, which made them on the verge of Bankruptcy.
Washington Prime Group has huge malls in the United States and Canada. But recently, we have seen the news that Washington Prime Group Malls have declared bankruptcy protection. This declaration has become the third major mall of the US that has reached this stage.
What is Washington Prime Group?
It is an American real estate group that invests in shopping malls created in 2014 by Simon Property Group. It is organized in Indiana and headquarters in Columbia, Ohio. It operates 102 malls in the country. It had its stable business pre-lockdown period last year. But lockdown has hit the major market operators, and it also affected this mall group.
Thus, recently, Washington Prime Group Malls have filed bankruptcy protection for its malls.
What is the case of Bankruptcy?
The mall filed the Bankruptcy protection and became the third major mall to declare so in the country. They claim that the post-pandemic effect is insurmountable, and due to its effect, it is running out of funds. The company said that a new statement of a $100 million loan would bring their company on its level again. The total debt which it possesses is $3.5 billion and around $4 billion in assets.
What malls does Washington Prime Group own?
It owns Polaris Fashion Place and includes eight Ohio Centres, Mall at Fairfield Commons in Beavercreek, Dayton Mall, Indian Mound Mall in Heath, New Towne Mall in New Philadelphia, and Great Lakes Mall Mentor, Lima Mall and Lima Centre, and Southern Park Mall in Youngstown. These are the malls that Washington Prime Group holds.
As per the reports, they are struggling with finances, and they would need a huge loan to get away from the bankruptcy situation.
How many malls does Washington Prime own?
It nearly owns 100 malls nationwide in the United States and Canada. With this huge plot of malls, it still faced Bankruptcy after a Pandemic period, and it has filed bankruptcy protection in the US court to get more loans to clarify its debt. They claimed that the pandemic effect was insurmountable. If you want to gain more information, you can click here.
Final Verdict:
Pandemic was a situation that made many things worse for the people around the world. Many companies lost their basic income, and many-faced Bankruptcy. Washington Prime Group Malls also faced the bankruptcy situation, and it has filed a case in US court for its protection.
What are your views regarding this situation which demands a wholesome approach to solve the post-pandemic havoc? You can share your views in the comment section below.
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