Coral Ridge Mall owner facing bankruptcy - KWWL - Eastern Iowa Breaking News, Weather, Closings

Coral Ridge Mall owner facing bankruptcy

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CORALVILLE (KWWL) -- With the holiday season approaching, Coral Ridge Mall appears as busy as ever.

"Our last weekend was an extremely strong weekend for us," says Younkers sales manager Eric Benton.  "Even myself, you couldn't get a parking place in the mall."

Yet the mall's owner is struggling to survive. General Growth Properties owns Coral Ridge along with Westdale Mall in Cedar Rapids, Jordan Creek in West Des Moines and more than 200 others across the country.

The numbers are startling. Last November, General Growth was trading at more than $50 a share. Tuesday it closed at a new low of $0.49.

A spokeperson with General Growth issued the following statement to KWWL Tuesday evening:

"We continue working with our advisors to develop a comprehensive, strategic plan to generate capital from a variety of sources...Regardless of our situation, our properties and company will continue to operate, remain vibrant and look forward to a prosperous holiday season."

Despite the fact the nation's second-largest mall owner is teetering on the edge of bankruptcy, store employees like Eric Benton don't feel there's any reason to worry.

"If something happens, if they got bought out or if their stock got so low that they got taken over, again it's not a concern to us," Benton says.

General Growth's debt is nearly a billion dollars. The company has halted plans for any new development.

But there's no stopping business at Coral Ridge. Whatever happens with General Growth, the only change expected at the mall is increased traffic as we move closer to the holidays.

Online Reporter: Bryan Goettel

bgoettel@kwwl.com

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