Morgantown Mall files for Chapter 11 bankruptcy in hopes of revamping
MORGANTOWN, W.Va (WDTV) – Many shopping malls across the country, including West Virginia, are expected to close within five to ten years as online shopping grows in use.
The owner of Morgantown Mall has filed for Chapter 11 bankruptcy, which means instead of shutting down, he’s considering restructuring. This should be useful for paying off a billion dollars in dept.
“I think you’re seeing a resurgence, if you will, in retail activity focused on this particular area, so given that I’m actually more excited about what’s going on there than worried.” said Morgantown President and CEO. Russ Rogerson Regional Partnership.
The space redevelopment movement will incorporate new businesses. Mall officials have already announced the addition of two new stores and expect much greater growth.
A statement from General Manager Felicia Posey reads, in part: “Our team is thrilled with the continued progress and momentum as we revitalize Morgantown Mall, which continues to be a destination for eating, shopping and gaming. for the tri-state community and region. “
WVU Bureau of Business and Economic Research Director John Deskins says this growth will benefit the local economy. He said, “I think the Morgantown Mall is an important part of the overall infrastructure that we have here in Mon County or in north central West Virginia. I think it will help the retail business and I think it will help the area to become more attractive to potential residents and more attractive to potential businesses.
As a build to bring attractions throughout the North Central region, Rogerson says it’s important to look to the future. “We need to make sure that as we strengthen this economy, they all maintain their viability and we maintain a sufficient retail presence and whatever looks like tomorrow in our community,” he said.
Rogerson also says that the economy in north-central West Virginia enables this growth while in other parts of the country it may not be as possible.
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