Mall owner Washington Prime Group files for bankruptcy
Mall owner Washington Prime Group has filed for Chapter 11 bankruptcy protection, saying the "COVID-19 pandemic proved insurmountable."
Our thought bubble, via Axios' Aja Whitaker-Moore: Malls have been on the decline for years due to consumer demand shifting online. The pandemic has accelerated the trend for some operators grappling with disappearing foot traffic from shutdowns, and struggling tenants who've stopped paying rent or filed for bankruptcy themselves.
The big picture Washington Prime Group operates 102 malls across the U.S.