Company That Owns Grand Junction’s Mesa Mall Files for Bankruptcy
If you look at malls across the country you're seeing more and more of them looking empty and closed down. We have been very fortunate with the recent additions of HomeGoods also Dillards will be opening soonish. Plain and simple, Mesa Mall in Grand Junction is looking pretty good lately but we did hear some news about the parent company that owns Mesa Mall. According to MSN, Washington Prime Group who actually owns over 100 mall locations filed for bankruptcy due to pandemic-related shutdowns.
Washington Prime Group is based out of Columbus, Ohio and a representative for the company said this was "necessary" because the pandemic created big challenges. With this change, the company secured 100 million dollars to continue to run "without interruption". The stock for the big company has struggled and plunged 60% for the year.
Filing for Bankruptcy Was a Planned Move by the Washington Prime Group
While this move is a big one, it was planned by the Washington Prime Group. Filing for bankruptcy is something that the company believes will help them restructure their balance sheet to set them up for success moving forward. While the company seems optimistic about the future, things haven't completely recovered from the pandemic.
Two Big Struggles for Malls Across the Country
Probably the biggest struggle for malls across the country in the past year is how so many people have adapted to online shopping for most if not all of their needs. The other struggle is collecting rent from businesses that are barely making a profit. And if malls shut down those stores that means fewer stores to attract people to the mall. It's a tough situation to be in.