When was the last time you were in a Mall?

Your answer to that question may help you understand why malls across the country are facing serious financial difficulties.

According to reports, the company that owns the Southern Park Mall in Boardman may be filing for bankruptcy.

Even before Covid the Southern Park Mall announced in 2019, changes that they said would help it remain competitive in an ever-changing retail market.

They tore down the Sears portion of the mall and said they planned on building a green space, new retail with outside store fronts and new eateries. Washington Prime Group owns the Boardman mall along with a hundred others in the country.

Boardman Township administrator, Jason Loree, says he's spoken to Washington Prime and says they are still going full steam ahead with those projects at Southern park.

"They've indicated this process with filing bankruptcy maybe is done to help them refinance some of their debt. They've indicated and I've seen it, their construction is moving 100% ahead. They've locked in leases with tenants," said Loree.

Fitch Ratings, a leading provider of credit ratings, says the company would likely continue operating if they did go through with a bankruptcy which would suggest a reorganization rather than liquidation.

Washington Prime withheld a $23 million plus interest payment that was due in February and filed in court a 30 day extension to try to pay it.
But according to Bloomberg, talks between Washington and their lenders are faltering.

And how those talks evolve will likely lead to whether Washington Prime actually makes the bankruptcy filing.