“MALL REMAINS OPEN.” That was the notice on the Park Meadows Mall website Thursday, writes the Denver Business Journal, as the mall’s owner, General Growth Properties Inc., filed for Chapter 11 bankruptcy protection. The mall is now part of the largest real estate bankruptcy filing in U.S. history as General Growth, which owns and manages more than 200 malls and other developments across the nation, is mired in debt.
“All day-to-day operations and business of all of the company’s shopping centers and other properties will continue as usual,” GGP said in a statement. The company also owns Southwest Plaza in Littleton, Foothills Mall in Fort Collins, and Chapel Hills Mall in Colorado Springs, according to The Denver Post.
The company’s bankruptcy follows its failed effort to refinance debt in the collapsing credit market, according to the Northern Colorado Business Report. The big stores, like Macy’s, have struggled too in recent months. The Macy’s that closed in Colorado Springs six weeks ago has left former employee Mo Orosco still trying to find work, according to the Gazette.