Port Charlotte Town Center Mall could be facing an uncertain future. The Bloomberg Report reports that Washington Prime Group, parent company of the Port Charlotte Town Center mall in Port Charlotte and Edison Mall in Fort Myers is preparing to file for bankruptcy. This comes after it skipped an interest payment on its debt.
The past several years have seen customer traffic decline at malls across the country. Shopper are increasingly turning to on line shopping leaving trips to the malls less frequent. The COVID -19 Pandemic and business shut downs also have contributed to the decline.
Washington Prime Group refused to confirm the rumors of the bankruptcy filing.
Washington Group full statement
Washington Prime Group does not comment on market rumors.
As previously announced, Washington Prime Group’s board of directors has engaged advisors to explore strategic alternatives in order to strengthen the company’s balance sheet. We intend to continue business as usual at Washington Prime Group’s properties, where our tenants, sponsors and employees will continue operating as normal, with a focus on providing safe and enjoyable experiences for our guests.