Retailers, consumers and prices
Check Out Line: General Growth files for bankruptcy protection
Check out General Growth Properties’ long-anticipated bankruptcy filing.
Several retailers have filed for bankruptcy in recent months — now one of their landlords is doing the same.
General Growth is the second largest U.S. mall owner, with a portfolio that includes Faneuil Hall marketplace in Boston and Fashion Show in Las Vegas.
The company has been guaranteed some debtor-in-possession financing from William Ackman’s Pershing Square Capital Management.
The company listed total assets of $29.56 billion and debts of $27.29 billion. Some retailers on its list of creditors include Sephora, which is owed $1.5 million and Borders, which is owed $1.4 million.
Unlike some retailers that have been forced to liquidate while in bankruptcy, General Growth said it is seeking to emerge as quickly as possible from bankruptcy with a reorganization that preserves its national business.
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(Reuters photo at General Growth’s Glendale Galleria in California)