Mall Operator Files For Bankruptcy Protection
STEVE INSKEEP, host:
NPR's business news starts with the end of a shopping spree.
(Soundbite of music)
INSKEEP: The company's name said it all: General Growth. It became a real estate colossus by snapping up mall properties around the country, 200 of them in more than 44 states. Lots of growth. To do this, the Chicago-based company loaded itself up with $27 billion in debt. Now that the door to easy financing has closed, General Growth has filed for bankruptcy protection today under Chapter 11. This may not mean mall closures, but the company may have to sell off properties and could emerge a much smaller retail empire.
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