The company that owns Muncie Mall and several other malls throughout Indiana is said to be poised for bankruptcy, according to national financial news.
Last week, Bloomberg News reported Washington Prime Group skipped an interest payment on its debt. Bloomberg says the company was already talking to its lenders in an attempt to not default on its debt payments and have to file for Chapter 11 bankruptcy.
Washington Prime Group owns about 100 malls across the country, including Muncie Mall. Muncie’s property, which has lost all its anchor stores in national closings or local pull-outs over the last few years, is actively for sale.
Since becoming the city’s mayor, Dan Ridenour has tried to keep the mall a prime shopping destination. That’s because of its $30 million benefit to Muncie’s tax rolls, he’s said.
“The second largest assessed value that we have in the city of Muncie. What does that mean to our city’s budget? To our public safety budget? Our library budget? Our school system budget? The Muncie Mall is very important to us, folks.”
In May of last year, a Texas company called The Woodmont Group began managing the mall’s day-to-day business while advertising it to potential buyers.