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Retailers, consumers and prices

Check Out Line: General Growth files for bankruptcy protection

Photo

Check out General Growth Properties’ long-anticipated bankruptcy filing. USA-HOLIDAYSALES/
 
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.
 
Also in the basket:
 
Borders to lose directors, scrap reverse split
 
Jarden sees strong Q1; expects to beat view in ’09
 
Mom seen taking a hit on Mother’s Day
 
Video prank at Domino’s taints brand (N.Y. Times)
 
Fear and greed have sales of guns and ammo shooting up (Wall Street Journal)

(Reuters photo at General Growth’s Glendale Galleria in California)

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