BENGALURU (REUTERS) – Mall owner Washington Prime Group filed for Chapter 11 bankruptcy protection on Sunday (June 13), after the Covid-19 pandemic forced it to temporarily close some of its roughly 100 shopping centres across the United States and businesses were unable to pay it rent.
The company’s estimated assets ranged from US$1 billion (S$1.3 billion) to US$10 billion as did its estimated liabilities, according to a filing.
The US economy is now sharply rebounding with more than 140 million Americans fully vaccinated and businesses reopening.
Nevertheless, previous government stay-at-home orders and business closures designed to slow the pandemic crushed many retailers’ bottom lines, imperilling their ability to pay rent to landlords such as Washington Prime.
Other mall owners such as CBL & Associates Properties and Pennsylvania Real Estate Investment Trust filed for bankruptcy last year.
Reuters was the first to report…