General Growth Properties

[Zayre88]

Not really a store shutting down, but en entire mall company, General Growth!

Steeplegate Mall owner warns of bankruptcy

Thursday, November 13, 2008

General Growth Properties Inc., owner of the Steeplegate Mall in Concord, N.H., is warning that it faces solvency troubles and may be forced to file for bankruptcy protection if it can't refinance or extend nearly $1 billion in debt due next month.

General Growth, the nation's second-largest mall owner, also disclosed that it may default on certain debt obligations.

http://nhbr.com/apps/pbcs.dll/article?AID=/20081113/NEWS06/811129963

Maine Mall owner faces bankruptcy

By Whit Richardson
Mainebiz Web Editor
11/12/08

The Chicago-based owner of the Maine Mall faces bankruptcy if it can't refinance or extend nearly $1 billion in debt scheduled to mature next month, casting uncertainty on the future of Maine's largest retail establishment.

http://www.mainebiz.biz/news43717.html

[KmartDanny09]

A newly built property by GGP, is doing badly as well. According to friend of ours, who is a tax person for the city, the Fallen Timbers property won't even be able to make it's taxes!

[NJxxJon]

Originally posted by KmartDanny09
A newly built property by GGP, is doing badly as well. According to friend of ours, who is a tax person for the city, the Fallen Timbers property won't even be able to make it's taxes!

Blame it on the local walmart. Or...Target. Or....drug-deals through myspace.

[Kmart4life]

one of our two malls is owned by GGP and it is not doing all that great with severalclosed stores and less people.

[mikey7290]

GGP doesn't own, but manages the St. Lawrence Centre mall in Massena, NY for the Carlyle Group, which owns it.  They just lost Steve & Barry's there, now they are losing KB Toys as well.  According to an article in tonight's local paper, GGP reps are telling the public that it will still be business as usual at the SLC.

[patk]

the mall here in lancster pa is run by GGP :holysh:

[Marc82]

Near me GGP owns the Brass Mill Mall and Brass Mill Commons in Waterbury along with The Shoppes at Buckland Hills in Manchester (which used to be called The Buckland Hills Mall). Haven't been to Buckland in a while, but when I was last at Brass Mill (in May) it was maybe 75% occupied. I don't think they were ever 100% occupied, but now Brass Mill lost Steve & Barry's. And the Shaw's in the adjacent Brass Mill Commons is still empty 15 months after the store closed.

[ameskmart1]

They just filed for bankruptcy
http://www.ktvb.com/news/localnews/stories/ktvbn-apr1609-general_growth_properties.de9990ab.html

[EddieJ1984]

I work at the AMC in Neshaminy Mall which is owned by ggp, I hope that they don't have to close malls!

[store215]

Things are going to get much worse folks. Commercial real estate is about to collapse just like hosing did. The start of the death of the American mall is upon us :(

[Retail Fan+ (Justin Hill)]

They might have to sell their malls to Simon Property Group, Westfield Group, or Taubman.

[patk]

if the mall here dies it wood SUCK badly :flaming:

[Retail Fan+ (Justin Hill)]

Originally posted by patk
if the mall here dies it wood SUCK badly :flaming:

I feel the same way about all of their malls.

[kendra]

If the Maine Mall closed, it would just be...weird. I'm so used to stopping there every time I am in the Portland area. :holysh:

Fortunately, GGP doesn't own either of the malls here in Bangor...

[patk]

Mall giant Simon Properties Group Inc. on Tuesday (today) announced it has offered $10 billion to acquire struggling rival General Growth Properties Inc 8)

[Marc82]

Aw hell no. Simon is the worst mall owner out there.

[dmx10101]

If that happened Simon will have a monopoly on the mall market, with most all of the major malls in the US.

[store215]

I still don't understand why companies do this...Simon has its own problems...adding a bunch more property that probably isn't doing well either makes no sense to me. PEOPLE ARE NOT GOING TO MALLS ANYMORE (overall). My guess is Simon will be filing bankruptcy in a year or two.

[gu4ever]

I still don't understand why companies do this...Simon has its own problems...adding a bunch more property that probably isn't doing well either makes no sense to me. PEOPLE ARE NOT GOING TO MALLS ANYMORE (overall). My guess is Simon will be filing bankruptcy in a year or two.

At my last job I worked in a General Growth mall which was pretty much a ghost town and they had cut most standard services like someone working at the guest service desk for questions or wheel chair rentals or gift card purchases etc.
The mall got rid of the wheel chair rentals and you had to buy gift cards inside the mall office between 10a and 5p.

[jmcnamara96]

I still don't understand why companies do this...Simon has its own problems...adding a bunch more property that probably isn't doing well either makes no sense to me. PEOPLE ARE NOT GOING TO MALLS ANYMORE (overall). My guess is Simon will be filing bankruptcy in a year or two.

At my last job I worked in a General Growth mall which was pretty much a ghost town and they had cut most standard services like someone working at the guest service desk for questions or wheel chair rentals or gift card purchases etc.
The mall got rid of the wheel chair rentals and you had to buy gift cards inside the mall office between 10a and 5p.

What mall did you work at you have quite the retail resamay if i say so :)  and how many malls in NH have General Growth owned

[gu4ever]

I still don't understand why companies do this...Simon has its own problems...adding a bunch more property that probably isn't doing well either makes no sense to me. PEOPLE ARE NOT GOING TO MALLS ANYMORE (overall). My guess is Simon will be filing bankruptcy in a year or two.

At my last job I worked in a General Growth mall which was pretty much a ghost town and they had cut most standard services like someone working at the guest service desk for questions or wheel chair rentals or gift card purchases etc.
The mall got rid of the wheel chair rentals and you had to buy gift cards inside the mall office between 10a and 5p.

What mall did you work at you have quite the retail resamay if i say so :)  and how many malls in NH have General Growth owned

I worked at the Steeplegate mall in Concord...... I'm not sure about their other property locations.

[Marc82]

At my last job I worked in a General Growth mall which was pretty much a ghost town and they had cut most standard services like someone working at the guest service desk for questions or wheel chair rentals or gift card purchases etc. The mall got rid of the wheel chair rentals and you had to buy gift cards inside the mall office between 10a and 5p.

Same thing at GGP's Brass Mill Mall in Waterbury, CT except that the mall is still booming.

[MikeRa]

At my last job I worked in a General Growth mall which was pretty much a ghost town and they had cut most standard services like someone working at the guest service desk for questions or wheel chair rentals or gift card purchases etc. The mall got rid of the wheel chair rentals and you had to buy gift cards inside the mall office between 10a and 5p.

Same thing at GGP's Brass Mill Mall in Waterbury, CT except that the mall is still booming.

The same thing also applies to GGP's Neshaminy Mall in Bensalem, PA, and this mall is doing excellent business.

[ynkeesfn82]

GGP will emerge from bankruptcy on November 8, 2010.

http://www.reuters.com/article/idUSTRE69K41320101022

[beachgal26]

As far as Simon properties go, I don't know what their plan is.  The Opry Mills Mall in Nashville was severely damaged by the floods in May and Simon has spent $50 million to competely gut and remove all the toxic mold that was present.  But, here's the twist, after 3 months all work stopped and they posted on their site that they cannot move forward until they receive the $150 million in insurance money to re-build the mall.  (Many locals say that sink holes appeared due to fact that the water sat inside the mall for over a week.)

Now the rumor mill is saying that the mall will either be sold or torn down (talk about wasting money!!!) and, of course, lots lost their jobs, small businesses closed and I read that Simon has been on a buying spree of snatching up malls that are failing.   What do they plan to do with them is the question???

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