The Chicago-based company that owns Southpoint Mall has declared bankruptcy, The New York Times reported early this morning.
According to the Times, under the bankruptcy filing, most of General Growth’s malls will continue to operate, although the company will likely try to sell off some of its properties.
General Growth Properties had accumulated $25 billion in debt; mall vacancies are the highest in a decade, at more than 7 percent of the roughly 1,500 in the U.S.
