Polaris mall owner Washington Prime files bankruptcy

Marco B Divaio
Washington Prime Group, the owner of Polaris Fashion Place and about 100 other shopping centers, filed for bankruptcy late Sunday.

Washington Prime Group, the Columbus-based owner of Polaris Fashion Place and 102 other shopping centers, has filed for bankruptcy. 

Washington Prime filed Chapter 11 late Sunday, after struggling for more than a year with a pandemic that crushed mall revenue and traffic.

“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. 

Retail:Columbus retail recovers from pandemic, though uncertainty remains

Washington Prime said it has reached agreements with creditors who hold 73% of the company’s secured debt. The company said restructuring its debt would allow it to “strengthen its business and operations going forward.” 

Washington Prime noted that it had received $100 million in financing from its creditors to support daily operations at its centers, which are concentrated in the Midwest, East Coast and Florida. 

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