No. 2 mall operator warns of bankruptcy

[Bindare_Dundat]

NEW YORK (CNNMoney.com) -- General Growth Properties Inc., the No. 2 mall operator in the United States, has warned that an ongoing slump in retail sales, combined with the credit market lockdown, has pushed the company to the brink of bankruptcy.

Chicago-based General Growth Properties said in an SEC filing late Monday that it has $900 million of property secured debt and $58 million of corporate debt coming up for renewal by Dec. 1. It also faces another $3.07 billion in debt that matures in 2009.

But "given the continued weakness of the retail and credit markets," the mall operator fears it may not be able to refinance its loans at lower rates to meet its short-term cash needs.

[shootfighter1]

Pelosi and Obama will push for another bailout 
We're really in trouble because many republicans seem go right along with it these days!
(Before I get criticized...one of Obama's agendas at the meeting with Bush was to get a bailout for the automotive industry to which Bush said he would look at).

[240 is Back]

why would anyone blow $400 on a shopping trip at the mall, when you can get the same stuff for 220 on ebay?

[Rimbaud]

why would anyone blow $400 on a shopping trip at the mall, when you can get the same stuff for 220 on ebay?

You hit the nail on the head. Amen.

[CQ]

why would anyone blow $400 on a shopping trip at the mall, when you can get the same stuff for 220 on ebay?

I do this frequently, travel to the US 2/3 times a year for this very purpose.

I need to try things on, see them, shop till I drop on purpose.

Online just doesn't give me this same feeling

[240 is Back]

You hit the nail on the head. Amen.

Plus, when I was a kid, 16, we'd go to the mall to meet girls.  Not much $ to spend, but you'd walk around hte mall for hours talking to people.  Now the kids have myspace, and parents aren't as eager to drop their kids off for hours.  Plus, if you've seen the level of service employee at the mall lately... at least round here... level of services has dropped significantly.

[Rimbaud]

Plus, when I was a kid, 16, we'd go to the mall to meet girls.  Not much $ to spend, but you'd walk around hte mall for hours talking to people.  Now the kids have myspace, and parents aren't as eager to drop their kids off for hours.  Plus, if you've seen the level of service employee at the mall lately... at least round here... level of services has dropped significantly.

The level of service has pretty much dropped off everywhere in my opinion. Or maybe my expectations are too high.

[astro]

you think customer service is bad in the u.s, come shopping in western canada. i'm surprised we don't have to ring up the sale ourselves.

[Dan-O]

Seriously--around here I wonder how the malls even stay in business.  When I was younger we would hang out there, like 240 said...  that's where the cute girls were and it was just the place to see and be seen.  Anymore on the rare occasions that I visit the mall it's almost like walking through a ghost town.

General Growth Properties owns and operates several of the malls in my area.  The biggest complaint I hear these days is about people being accosted by the obnoxious losers who work in the kiosks selling cell phones and mediterranean sea salts, etc. etc.

[Dos Equis]

Front page news here.  Could affect our largest mall.  http://www.honoluluadvertiser.com/article/20081112/NEWS01/811120369/1001