DALLAS — The owners of the Oak Court Mall in east Memphis have filed for bankruptcy.
Washington Prime Group, which owns malls across the county, said "COVID-19 pandemic proved insurmountable." Sunday, the company filed for Chapter 11 of the United States Bankruptcy Code.
There is no immediate word on the fate of the Oak Court Mall, but the company posted a statement about its future, saying, “WPG will continue to own, manage, activate, lease and redevelop our portfolio of town centers. We are confident that this prearranged financial restructuring will enable WPG to emerge stronger. We expect the Chapter 11 path to allow WPG to significantly strengthen its balance sheet and provide flexibility to execute our business plan. We remain committed to serving as a proactive operator of retail town centers by diversifying tenancy, activating common area and delivering relevant adaptive reuse projects. In addition, WPG plays a vital role in the communities where we operate. Our town centers are a center of commerce that serve as a large employment base, a center of connection and a valuable community partner, and we generate significant taxes that support numerous programs in our communities. We remain committed to our community partners as we continue to serve as goodwill ambassadors.”
On their website, Washington Prime Group describes itself this way:
Washington Prime Group Inc. (NYSE: WPG) is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S.
Washington Prime Group was formed in May 2014 following a spin-off from Simon Property Group and acquired Glimcher Realty Trust (NYSE: GRT) in January 2015.
Today the company operates out of headquarters in Columbus, Ohio, and an additional office in Indianapolis, Indiana.
Washington Prime Group is focused on the experience we create at each of our centers. By providing a mix of things to do and things to buy, our properties deliver the right combination of tenants, activities and events to keep shoppers engaged and returning often.