The owner of Muncie Mall has filed for Chapter 11 bankruptcy.
In its Texas court filing, Washington Prime Group Inc. cited the COVID-19 pandemic as a reason why it’s starting the bankruptcy process. According to those documents, the Columbus, Ohio-based business owns 102 shopping centers in several states.
The filing is not a surprise. In March, Washington Prime began skipping interest payments on its debt, which is listed in court documents as more than $3 billion.
In Muncie, the mall property is actively for sale, being managed and marketed by Texas-based commercial real estate firm The Woodmont Group. The mall lost all its anchor stores in the last few years in national closings or local pull-outs. The building will welcome its newest business – a secondary stock retailer named Buyer’s Market – as it opens later this week.
Since becoming Muncie’s mayor, Dan Ridenour has tried to keep the mall a prime shopping destination. That’s because it’s valued at $30 million, making it the second most-expensive property on the city tax rolls.