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#2 Mall Operator in Country warns of Bankruptcy

Discussion in 'Political Discussion' started by PatriotsReign, Nov 12, 2008.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    The Mall....the great American icon. Is it going to be on the endangered species list? Probably not, but you will see several of them closing in the coming year. There are just too many malls out there for the dollars that are being spent.

    No. 2 mall operator warns of bankruptcy
    General Growth Properties blames weak retail sales and a credit market freeze.

    "NEW YORK (CNNMoney.com) -- General Growth Properties Inc., the No. 2 mall operator in the United States, has warned that an ongoing slump in retail sales, combined with the credit market lockdown, has pushed the company to the brink of bankruptcy.

    Chicago-based General Growth Properties said in an SEC filing late Monday that it has $900 million of property secured debt and $58 million of corporate debt coming up for renewal by Dec. 1. It also faces another $3.07 billion in debt that matures in 2009."


    No. 2 mall operator warns of bankruptcy - Nov. 11, 2008
     
  2. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

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    I smell another bailout......... Show them the honey pot and cash drawer. It's the only way we can save them. It's the Democrat way. WE CANNOT LET THIS MALL FAIL.
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    That company owns many, many malls (maybe hundreds), but personally I don't want them to get a penny of our tax dollars...and I'm a democrat.

    I doubt they'll be bailed out because it's now a known fact that retail outlets are WAY over built in this country. in the last 10 years, Americans "consumption binge" could sustain the number of malls and stores we have, but never again. I will be 50-100 years before Americans spend like that again and that will only be because our population will have increased enought to generate that increase in spending.
     
  4. Patriot_in_NY

    Patriot_in_NY Veteran Starter w/Big Long Term Deal

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    You are right, I was mostly kidding, playing on the silliness going on in Wash right now. Everybody has their hand out it seems.
     
  5. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Now YOU'RE right! And it's getting pretty sickening, isn't it.

    Just imagine if we spend trillions and it does no good. What if it changes nothing as far as the direction of the economy? And finally, imagine if doing almost nothing is the fastest way to fix the economy?
     
  6. Wildo7

    Wildo7 Totally Full of It

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    Has anyone been to the New, upscale part of the Natick Mall? When they first built that thing I was wondering how they could expect to keep Gucci and Armani in business in a place like Natick. Now the economy is falling apart and I can't imagine that they'll last much longer.
     
  7. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Oh yes...the one that been in the news. Isn't it the one with condo's connected directly to it? Talk about a perfect gov't subsidized wealthy housing project! Just build condo's connected directly to malls all over the country!:rolleyes:
     
  8. Wildo7

    Wildo7 Totally Full of It

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    That's the other part I don't get. What wealthy person wants to buy an upscale condo that's connected to a mall in Natick? Other than Sarah Palin, of course.
     
  9. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    OUCH!!

    Good one Wildo!
     
  10. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    Well, Natick itself isn't spectacularly wealthy with a median income of something like 70k (30k more than the national mean) but it is surrounded by places like Sudbury, Dover, Weston, Newton etc, which all are.
     
  11. Wildo7

    Wildo7 Totally Full of It

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    I've lived in that area my whole life up until two years ago, which is why I find it odd since every wealthy shopper I know would go to Boston or the Atrium Mall. I just don't see a new upscale mall sustaining business in that area, and every time I've been in there that half of the mall is nearly empty.
     
  12. Born_a_Patriot

    Born_a_Patriot PatsFans.com Supporter PatsFans.com Supporter

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    I hope the economy doesn’t affect Patriots Place in a negative way.
     
  13. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I guess it all depends on how bad things get. But don't expect people to go out of their way to support the Krafts if things get really bad. The Krafts are ok financially no matter what.
     
  14. Lifer

    Lifer Banned

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    oh no, what would we do without all those Claires, Radio Shacks,Victoria Secrets,Gap Stores, Annies Pretzels,Limited Too's,Spencers Gifts,Bath & Body,and GNC's???????
     

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