Pecanland Mall is just 1 of 158 malls owned by General Growth Properties, the company filing for chapter 11 bankruptcy. While this news sounds shocking, the mall's general manager, Randy Barnett says the mall will continue to operate as usual while the finances are straightened out.
GGP owns more than 200 malls across 44 states and in 2002 Pecanland Mall became one of those. GGP purchased the mall for approximately 72 million dollars. Throughout the sale, the company put down 22 million in cash and took out a loan for roughly 50 million. Now, years later, the times are tough and situations like this are racking up a lot of debt for GGP. Combine this with the fact that over 7% of their store space is left in the dark, and it’s no surprise that the company has filed for chapter 11 bankruptcy.
In all this doom, there is a silver lining, GGP has assured us that while their company is in over its head, Pecanland customers will never know. They issued a statement that said, “our properties will continue to operate, our employees will continue to come to work and get paid, and shoppers will continue to shop." They’re hoping to make their financial restructuring invisible to the tens of thousands that visit their properties every day and get this situation cleared up as quickly as possible.