Washington Prime Group Enters Bankruptcy

Mall developer Washington Prime Group (Columbus, Ohio) has filed for bankruptcy, reports The Columbus Dispatch. The owner of Polaris Fashion Place and 102 other shopping centers cites the pandemic’s effect on mall revenue and traffic as the cause.

“The COVID-19 pandemic has created significant challenges for many companies, including Washington Prime Group, making a Chapter 11 filing necessary to reduce the company’s outstanding indebtedness,” the company said in a news release.

Washington Prime received $100 million in financing from its creditors and has reached a restructuring agreement that will enable it to “strengthen its business and operations going forward.”