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Mall Owner may seeks Bankruptcy protection.

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Nov. 11th, 2008 | 09:12 am

I was reading Gloomy Outlooks Pressure Stocks and ran across
Embattled mall operator General Growth Properties Inc. saw its stock price fall sharply Tuesday after the Chicago company warned it could file for bankruptcy protection if it doesn't raise more capital to pay down its hefty debt load.
I know the modern world is filled with centralization and consolidation, so I wondered, how many malls does this company own? 262. How many in California? 23.

The list of California malls is:

Bayshore Mall (CA)
Burbank Town Center (CA)
Chico Mall (CA)
Chula Vista Center (CA)
Eastridge (CA)
Elk Grove Promenade (CA)
Fallbrook Center (CA)
Galleria at Tyler (CA)
Glendale Galleria (CA)
Montclair Plaza (CA)
Moreno Valley Mall (CA)
NewPark Mall (CA)
Northridge Fashion Center (CA)
Otay Ranch Town Center (CA)
Palladio at Broadstone (CA)
Redlands Mall (CA)
SouthBay Pavilion (CA)
Southland Mall (CA)
Stonestown Galleria (CA)
The Shops at Tanforan (CA)
Valley Plaza Mall (CA)
Visalia Mall (CA)
West Valley Mall (CA)

So, if you're in the market for a mall, there might be some auctions coming up soon.

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Comments {10}

no, YOUR mom

(no subject)

from: theinfamousmom
date: Nov. 11th, 2008 05:58 pm (UTC)
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They might have been a bit more solvent if they hadn't blown a bazillion bucks trying to stop Rick Caruso from building the Americana in Glendale.

Good ol' American capitalism at its worst.

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Diane Trout

(no subject)

from: alienghic
date: Nov. 11th, 2008 06:48 pm (UTC)
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My bet is that GGP used cheap money to buyout smaller mall operators.

There were several mergers and acquisitions in 2004.

Or they kept expanding while everyone was caught up in the bubble.

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(no subject)

from: clynne
date: Nov. 11th, 2008 07:42 pm (UTC)
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The notion of buying a mall for cheap and turning it into, I dunno, an art museum or something is really appealing.

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Diane Trout

(no subject)

from: alienghic
date: Nov. 11th, 2008 07:58 pm (UTC)
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My dream is actually for cheap meeting space.

Many years ago I thought that The Chaos Computer Club was doing some really cool things. I vaguely remember a story that one of the things that helped them get started was, since East Berlin was so economically disadvantaged it was really easy for them to get cheap spaces for people to hang out and make stuff.

One of the things I'm hoping for is that current economic dislocation will help DIY culture take an even firmer hold on our society.

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(no subject)

from: clynne
date: Nov. 11th, 2008 08:07 pm (UTC)
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Huh, meeting space was one of my thoughts, as well. Some kind of mixed-use space, in any case.

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REM

(no subject)

from: remmer
date: Nov. 12th, 2008 12:53 am (UTC)
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Mmm...art museum. Ahhhh. Possibly a collection of separate galleries like Bergamot Station. Or even a set of studios for artists to make stuff. Or a combination: museum/galleries on one floor, artists on another floor.

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It's French... bitch.

(no subject)

from: vengeant
date: Nov. 11th, 2008 10:41 pm (UTC)
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Wow, so you're saying tyhat I could soon OWN the Glendale Galleria? Wow, what would I DO with it?


...I mean, besides have the Mythbusters try to blow it up so well that people in Las Vegas see the blast. Of course, that.

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Diane Trout

(no subject)

from: alienghic
date: Nov. 12th, 2008 02:52 am (UTC)
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Well, under the theory of capitalism, someone with a decent idea of how to make money using a mall is the most likely to be able to acquire it.

Though if they all go bankrupt, then I suppose the squatters can go take it over.

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It's French... bitch.

(no subject)

from: vengeant
date: Nov. 13th, 2008 06:57 am (UTC)
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Admit it, it would make for a very interesting COMMUNE Apartment/condominium building.

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It's French... bitch.

(no subject)

from: vengeant
date: Nov. 13th, 2008 07:00 am (UTC)
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...Or, now that I think about it, it might make a good refuge from the Zombie Hordes. There aren't too many doors at ground level, or glass windows at ground level either...

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