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Old 04-16-2009, 07:30 AM
 
199 posts, read 469,412 times
Reputation: 70

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For the full article please click on the link below.

Kingsport Town Center's management firm files bankruptcy - Kingsport Times-News Online
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Old 04-16-2009, 01:37 PM
 
Location: Gray, TN
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I wouldn't expect any huge changes to come of this. Hope there weren't too many local shareholders.
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Old 04-16-2009, 01:54 PM
 
199 posts, read 469,412 times
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Well based on the following quote, I think this really might effect the renovation of that mall seriously. Perhaps even an entire hault.

Quote:
The filing by the Chicago-based company, made in federal bankruptcy court in Manhattan, included most of the company’s malls, which will continue to operate. General Growth’s reorganization efforts will likely focus on selling off properties. It has already suspended its stock dividend, cut its workforce by 20 percent and stopped virtually all new development.
General Growth Properties Files for Bankruptcy - DealBook Blog - NYTimes.com
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Old 04-16-2009, 02:10 PM
 
Location: Gray, TN
2,166 posts, read 3,974,614 times
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Very true. I was thinking only of the day to day operation of the mall. I haven't been by there since they started working on it.
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Old 04-16-2009, 11:02 PM
 
Location: Rensselaer, New York (unfortunately)
128 posts, read 304,760 times
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Amazing....one of my friends in Kingsport and I were just discussing how this would likely happen soon, not two days ago....
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Old 04-17-2009, 11:45 PM
 
99 posts, read 312,330 times
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here is a quote from some of the comments in the article. This is from kevin Harmon the malls manager so it seems that they do not have any dealings with this company except for managing not the funding of the renovation. Who knows i guess we can hope for the best


The Kingsport Town Center/Fort Henry Mall is only managed by General Growth, it is not owned by General Growth. The Chapter 11 filing does not effect the mall operations. It is funded by a third party owner. The managing arm of GGP was not included in the filing.

Kevin Harmon | 4/16/2009 - 11:23 AM -
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