Washington Prime Group Malls (June) All You Need To Know >> This article tells you about the latest incidents regarding a well-established real estate investment company.
This pandemic proved to be hard on everyone. It led to an enormous loss of lives and resources. Many people lost their jobs, several others had to suffer financial losses, and many business owners had to shut down. A similar case has happened with the Washington Prime Group, and they have filed for bankruptcy, which has made the term Washington Prime Group Malls trending.
Please keep reading to know more about this company and find what led them to file for bankruptcy. We’ll reveal all the information in this article, so don’t skip anything. This news is gaining a lot of traction in the United States and Canada.
What is the Washington Prime Group?
It’s a real estate investment trust based in the USA and is one of the most well-known names in its field. They’re headquartered in Ohio and also previously operated under the name WP Glimcher.
It was founded seven years ago, on May 28, 2014. Robert J. Laikin, Mark E. Yale and Louis G. Conforti are its Chairman, CFO and CEO, respectively.
What malls does Washington Prime Group own?
The Washington Prime Group owns about 102 shopping centers in addition to Polaris Fashion Place. They also own eight malls in Ohio. Their portfolio is quite diverse, with both smaller companies and some big names.
What happened with the Washington Prime Group?
- It came as a surprise to everyone when the Washington Prime Group filed for Chapter 11 bankruptcy on Sunday.
- They are one of the prominent mall owners in the US, and this move came as a shock to everyone.
- The company revealed that it suffered enormous losses and damages because of the pandemic.
- In a short time, the total revenue of the Washington Prime Group Malls fell drastically. Because of the lockdown, then the security protocols, malls hadn’t witnessed the usual amount of traffic for some time and weren’t generating revenue.
- It suffered losses as items didn’t sell during the pandemic.
- However, Washington Prime isn’t the only mall to have filed for bankruptcy because of the pandemic. CBL Properties and PREIT also did the same a while back.
Some Other Reasons for the Mall’s Bankruptcy
While COVID is the primary culprit behind these malls filing for bankruptcy, it’s not the only factor, but it was the final nail in the coffin.
- How many malls does Washington Prime own? Hundreds of properties, including malls and shopping centers.
- The popularity of malls had already gone down due to online shopping
- The newer generation finds malls boring and prefers lifestyle centers and online shopping over them.
- Malls have tried to tackle this challenge by adding activities to do in the mall beyond shopping.
The pandemic proved to be quite troublesome for everyone. A well-established company, the Washington Prime Group, filed for bankruptcy. Please read more here. All related information is available above.
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