General Growth Properties, owner of more than 200 malls across the nation including the Mall of Louisiana, filed for bankruptcy protection this morning, according to the Baton Rouge Business Report.
General Growth Properties is the nation’s second-largest mall owner and their bankruptcy is one of the biggest commercial real estate failures in U.S. history.
General Growth spokespeople said its mall’s shoppers would not be affected by the bankruptcy filing.
The Chicago-based company is a victim of the real estate boom, having expanded too rapidly when properties were being sold at top dollar. Chapter 11 protection is designed to allow the company to hold off creditors and maintain normal operations while it reorganizes its financial plan.—-Contact Adam Duvernay at [email protected]