Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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I was just about to post this same comment. I hate seeing misleading thread titles. I thought SP may be closing down when I first read it.
Agree with both of y'all. GGP apparently is and has been hemmorhaging red ink- Southpoint apparently is not (at least not by how far out I have to park when I go shop there).
CHICAGO, April 16, 2009--GENERAL GROWTH PROPERTIES, INC. (NYSE: GGP) (“GGP”) today announced that it is voluntarily seeking relief to reduce and restructure its debts under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. In addition, approximately 158 regional shopping centers owned by GGP and certain other GGP subsidiaries (collectively with GGP, the “Company”) have also filed for protection.
Here is a quote from an article on the Bull City Rising website:
"On the bright side: The Herald-Sun notes that 158 of GGP's subsidiaries and shopping centers filled bankruptcy simultaneously -- but not Southpoint, which has a very low occupancy rate (reportedly usually less than 3%) and top-shelf tenants."
Bull City Rising: Southpoint's corporate owner GGP files for bankruptcy (http://www.bullcityrising.com/2009/04/southpoints-corporate-owner-ggp-files-for-bankruptcy.html - broken link)
Southpoint didn't file for bankruptcy, the property company that owns Southpoint did.
Southpoint DIDN'T file for bankruptcy. From the N&O today:
Southpoint isn't affected Durham's Streets at Southpoint is the only Triangle mall owned by General Growth Properties. However, the 7-year-old mall was not on the list of 158 shopping centers and other subsidiaries that filed for bankruptcy along with their parent company on Thursday.General Growth spokesman David Keating said that properties not on the list of filing entities are not involved in the Chapter 11 filings. Mall manager Pat Anderson said the mall's operations and staff of 70 people were unaffected. "We will remain very much open for business," he said. "We will stay at business as usual." The company owns other malls in North Carolina, including Carolina Place in Pineville, Four Seasons Town Centre in Greensboro, The Bridges at Mint Hill in Charlotte and Valley Hills Mall in Hickory.
Last edited by mm34b; 04-17-2009 at 09:24 AM..
Reason: Edited to comply with Terms of Service.
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