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Gosh, I hope not! I chose the neighborhood I'm moving to because of the close proximity to S@S and the restaurants/shops around it. I think (hope) it'll be a paper thing and they'll ward off their creditors until the economy turns around.
Probably not much immediate noticeable impact. But the fact they've filed for bankruptcy says they don't have enough cash flow to pay their massive debt - and if they don't have the cash for that, they might have to cut corners on things they might otherwise do to maintain & enhance their properties. If financial troubles drag on, there could be a visible impact.
It doesn't mean much, except they own too much land, and did too much speculative building/buying. Someone else will pick up their assets, and business will go on as usual. Of course any projects that are in the middle of construction will be an eye sore for some time. Luckily that is not the case here
Well, if it's the same company that owns Providence Place here in Rhode Island, I thought they filed a while back? This is an upscale mall in downtown Providence that attracts people from all over. The main hallways are carpet, and they are literally held together with duct tape and patched with mismatched sections here and there. Screams luxury, doesn't it? Obviously having cash problems, even though Providence Place is supposedly one of (if not THE) most successful mall they own.
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.
this happened a bit ago to another mall company (maybe the same one) that owns malls across the country, including this big new shiny one here. everyone freaked out cuz the news made it sound like the mall was going to close. it's no big deal, some holding company type of thing is restructuring, and the malls will continue on
General Growth Properties, which owns the Streets at Southpoint mall in Durham, along with hundreds of malls nationwide, filed for bankruptcy today.
The company owns the following malls in NC:
Carolina Place
Pineville, North Carolina
The Streets at Southpoint
Durham, North Carolina
Four Seasons Town Centre
Greensboro, North Carolina
Valley Hills Mall
Hickory, North Carolina
The Bridges at Mint Hill
Mint Hill (Charlotte), North Carolina
Catchy headline, but GGP filed for bankruptcy (not Southpoint). Somehow I'm betting Southpoint will survive/be seen as potential asset by another group/be bought- or stay alive while GGP is in BK court. As someone else noted, the place seems to do a good business. I bet/hope it will keep on keepin on, in spite of GGP's problems.
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