COLUMBUS, Ohio — Washington Prime Group, owner of Polaris Fashion Place and approximately 100 shopping centers across the United States, filed for bankruptcy Sunday.
The Columbus-based company cited financial challenges due to the COVID-19 pandemic for the Chapter 11 filing.
A spokesperson for the Washington Prime said “the Chapter 11 path is the most effective next step to resolve the Company’s outstanding indebtedness as we emerge from the pandemic.”
It will be “business as usual” at Polaris mall during the process, according to the spokesperson.
Properties in Ohio owned by Washington Prime:
- Dayton Mall
- Great Lakes Mall in Mentor
- Indian Mound Mall in Heath
- Lima Mall
- Lima Center
- New Towne Mall in New Philadelphia
- Polaris Fashion Place
- Southern Park Mall in Youngstown
- The Mall at Fairfield Commons in Beavercreek
Washington Prime Group's statement:
“The COVID-19 pandemic has created significant challenges for many consumer-facing companies, including Washington Prime Group, the owner of Polaris Fashion Place. The Company has determined that the Chapter 11 path is the most effective next step to resolve the Company’s outstanding indebtedness as we emerge from the pandemic. Throughout the Chapter 11 process, it will be business as usual at Polaris Fashion Place, where our tenants, sponsors and employees will continue operating as normal, with a focus on providing enjoyable experiences for our guests.”
“Please note, certain subsidiaries, including the Company’s joint ventures and the majority of the Company’s special purpose entities holding properties that secure mortgage loans will not be debtors in the Chapter 11 cases. Polaris Fashion Place is a non-debtor and will not be impacted by the Company’s Chapter 11 financial restructuring.”
