BUSINESS BEAT: Downtown Ashland Homeowners Seek Bankruptcy Protection | Business
ASHLAND – The company that owns the Ashland Town Center shopping mall filed for Chapter 11 bankruptcy protection on Monday, according to court documents.
Washington Prime Group, a Columbus, Ohio-based mall and mall owner, has 100 retail centers nationwide, the filing said.
The record indicates that Washington Prime Group is forborne on an interest payment that was due on February 15. He is executing a Restructuring Support Agreement with creditors who own approximately 73% of the principal amount outstanding of the secured corporate debt of Washington Prime Group and 67% of the principal amount outstanding of the unsecured notes of the company.
The company says it has secured $ 100 million in new debtor-in-owner financing from creditors led by SVPGlobal to support day-to-day operations during the process and “ensure all business operations continue in the ordinary course without disruption.”
“The financial restructuring of the company will allow WPG to adjust its balance sheet and position the company for success in the future,” Lou Conforti, CEO and Director of Washington Prime Group, said in a Business Wire report. “During the financial restructuring, we will continue to work to maximize the value of our assets and our operating infrastructure. The company expects operations to continue in the normal course for the benefit of our customers, tenants, suppliers, stakeholders and colleagues. “
Officials at the Ashland Town Center mall declined to comment on the bankruptcy filing.
OPENING OF A NEW STORE AT HUNTINGTON MALL: Huntington Mall has announced a new store to its tenant group.
Pinkies Creations and Embroidery is a local business born out of a love for style and custom designs, according to Huntington Mall Marketing Director Margi MacDuff.
“Pinkies Creations was a staple at the Shipwreck Collection Market in Huntington Mall,” MacDuff explained. “It has since grown out of that space and is ready to move into a larger storefront in the mall. This new location will allow the store to expand and feature even more great items that its customers have come to love and that new customers will quickly find.
The store will be located between Yankee Candle and Hot Topic in the main lobby of the mall.
“There will be a soft opening on Father’s Day weekend and a grand opening on June 26,” she said.
QUICKSILVER REBANDS IN THE OLD NORTH ARCADE: The Quicksilver Arcade Bar in Pullman Square in downtown Huntington has been renamed Old North Arcade, according to owner Benjamin Morgan.
“Our original location opened in Old North Columbus in 2015. When we expanded into Huntington we wanted to find a name that suited the specific context and named the location Quicksilver Arcade Bar in reference to the sheer quantity of pinball machines that we host. Moran explained. “As the owner, I had greatly underestimated the extra work it would take to manage two different names for what is essentially the same business – different social media accounts, websites, email addresses, logos and the like. , so we decided to rename as Old North Arcade to streamline operations. It’s still exactly the same company, the same property and the same team, just changed its name.
With the rebranding, Morgan said the company has also launched its next kitchen concept, Square Slice Pizzeria.
“It offers Detroit Deep Dish Pizza using premium proprietary ingredients,” he said. “We start with a sourdough focaccia that we make from scratch with premium ’00’ flour and cold fermentation for at least 24 hours. We then top this with world-class whole milk mozzarella and provolone from Grande cheeses in Wisconsin, and spread with our house tomato sauce that we hand crush using only Stanislaus whole plum tomatoes and a proprietary blend. of herbs and spices. We top it all off with the finest Ezzo pepperoni and Old World sausage as well as hand-selected fresh produce and a rotation of other seasonal toppings.
Morgan says the Detroit Deep Dish style originated in Motor City, and legend has it that the pizzas were originally cooked in motor oil tubs.
The magic of the Detroit Deep Dish happens because the cheese melts on the sides of the dough and caramelizes into what is called the ‘crown’ of the pizza, creating a seared cheese crust around the light focaccia dough. and airy, ”he said. “Our grand opening weekend was a huge success and we are excited to bring the concept to our Huntington location as soon as possible.”
Old North Arcade is West Virginia’s largest retro arcade bar, featuring a rotating selection of classic arcade and pinball machines as well as air hockey, skeeball, hoops, Dance Dance Revolution, consoles, Jenga grandeur. nature and two large patios overlooking Pullman Square.
“We have a full service bar and kitchen, and any food or drink purchase gets almost all of our games to play for free,” Morgan added. “We are only 21 and over, but allow children under close parental supervision until 8pm everyday. Old North Arcade is the perfect location for happy hour, birthdays, corporate events, first dates, birthdays, bachelorette parties or just a night out on the town. Our priority is to deliver pure, pure nostalgia and provide an immersive experience where our clients completely lose track of time and feel like children again. The greatest praise we can receive is when we hear a guest say, “Hey! I remember that!'”
THE SQUARE OF THE WING: Today at 2 p.m., the Huntington Regional Chamber of Commerce will host a ribbon-cutting ceremony for The Wing Place, a new restaurant located inside The Market at 809 3rd Ave. in downtown Huntington.
The Wing Place offers a variety of flavors and hot sauces and dry sauces for boneless and bone-in wings as well as other menu items.
Fred Pace is the economics reporter for the Herald-Dispatch. Send your business news and photos to firstname.lastname@example.org. You can also call 304-526-2729. Follow him on Facebook.com/FredPaceHD and via Twitter @FredPaceHD.