Polaris mall owner Washington Prime files bankruptcy

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. 

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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.