The real estate investment group that owns two Twin Cities malls has filed bankruptcy,
Washington Prime Group said Sunday Chapter 11 bankruptcy was "necessary to reduce the company’s outstanding indebtedness" due to the "significant challenges" posed by the COVID-19 pandemic.
The Ohio-based company operates more than 100 malls and shopping centers throughout the United States. That includes two in the Twin Cities: Maplewood Mall in St. Paul, and Northtown Mall in Blaine.
But Washington Prime Group promised business as usual as it goes through reorganization, noting shoppers "can expect business as usual at all of the company’s retail town centers throughout the proceedings."
As USA Today notes, malls took a significant financial hit during the pandemic. Shoppers stopped coming through the doors, meaning stores were unable to pay rent ot mall operators.