Mall takes another hit
Chico Mall’s owner files for bankruptcy
As if losing Gottschalks weren’t bad enough, now the owner of the Chico Mall, General Growth Properties, has filed for bankruptcy. The news isn’t entirely surprising, as the company, which is the second-largest owner of shopping centers in the country, has been in financial trouble for some time.
General Growth is the largest bankruptcy of the year, CNN reports, owing upwards of $27 billion. According to statements made by the company’s CEO, the bankruptcy will not affect shoppers, though the company may be forced to sell off its lower-performing centers. It currently owns more than 200 malls around the country.
General Growth recently put on hold plans to expand the Chico Mall, but there’s no news yet of any changes to the operation.