Polaris Small Owner File for Bankruptcy

The Columbus-based Washington Prime Group officially announced Sunday, June 13, that the company has filed for Chapter 11 bankruptcy protection. The company owns and operates more than 100 malls and shopping centers nationwide, including Polaris Fashion Place.

According to a statement posted on the Washington Prime Group website, the company said the COVID-19 pandemic has played a major role in the organization’s financial instability. In the spring and summer of 2020, malls and shopping centers were forced to close during the height of the pandemic, and many individual stores are unwilling to pay rent to mall owners like Washington Prime. I couldn’t pay.

Of course, before the coronavirus pandemic, many malls and traditional malls weren’t exactly in good financial shape. Article published in Vox november of last yearThe number of department store employees decreased by almost 50% between 2011 and 2020, and the total number of operating stores fell from 8,600 to 6,000. The shrinking middle class in the United States combined with the Online shopping trend is considered to be the main cause of the end of shopping in department stores.

through a CNBC August 2020 ReportAbout 25% of US shopping malls are expected to be closed within the next five years.

For now, customers can expect “business as usual” at Polaris FashionPlace as the Washington Prime Group says it has secured a $ 100 million investment to support its daily operations at its facility. ..

For more information, please visit: Investor.washingtonprime.com..

Walker evans

Walker is with Anne Evans, co-founder, wife and business partner of ColumbusUnderground.com and TheMetropreneur.com. Walker has turned local media into a full-time career over the past decade and has joined several boards and committees throughout the community.

Polaris Small Owner File for Bankruptcy

Source link Polaris Small Owner File for Bankruptcy

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