Oak Court Mall owner could file for bankruptcy, agency says

The real estate investor who owns Oak Court Shopping Center in Memphis could file for bankruptcy next year, according to a rating agency.

The East Memphis Mall, home to Macy’s and Dillard’s department stores, has been a Poplar Corridor landmark since it opened in 1988 and would most likely remain in business if the owner proceeded with a bankruptcy reorganization, analysts said. retail.

The owner, Washington Prime Group Inc. of Columbus, Ohio, owes payments on debt accumulated to buy 110 malls, including Oak Court, in a single transaction in 2017. Company officials did not respond to questions about the mall or the business.

Oak Court officials did not respond to questions about the property’s future plans.

Hammered in the past year as malls struggled and 30 major retail chains declared bankruptcy amid the pandemic, Washington Prime lost $ 133.9 million in the first nine months of 2020 and missed an interest payment on February 15 to lenders.

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