Thursday, April 16, 2009
St. Louis Galleria Owners File For Bankruptcy
By Keegan Hamilton
on Thu, Apr 16, 2009 at 2:47 PM
This per the St. Louis Business Journal
General Growth Properties Inc., owner of the Saint Louis Galleria, has filed for Chapter 11 federal bankruptcy protection to reorganize.
General Growth listed $29.5 billion in total assets and about $27.3 billion of debts in its bankruptcy petition, making it the largest real estate bankruptcy in U.S. history.
The company, owners of 200 malls across the country, says the day-to-day business of its shopping centers will not be affected.
Still, rumors about the shaky financial state of the Galleria itself (thanks Highway 40 closure, recession and maybe even those infamous Metrolink hooligans
) have been circulating for months now. Some stores have closed and construction of others, such as the massive Nordstrom department store, have been delayed.
It's hard to imagine that bankruptcy of the mall's parent company doesn't add fuel to the fire.
The company that owns St. Louis Galleria filed for bankruptcy protection today.