MEMPHIS, Tenn. — The Oak Court Mall is now in foreclosure, according to a notice posted on Tuesday.
The foreclosure is tied to a loan dating back to 2014. According to the notice, the trustee failed to comply with the terms and conditions of the loan.
An auction for the sale of the shopping center is scheduled for Dec. 28 at noon.
The foreclosure notice states that the sale includes any and all unpaid taxes, and any other prior claims, liens, easements, set back lines, and restrictions.
Just last year, the company that previously owned the mall, Washington Prime Group, filed for Chapter 11 bankruptcy protection. The shopping center is now owned by The Woodmont Company.
Built in 1988, the Oak Court Mall is an 847,000-square-foot retail facility on Poplar Avenue. It is anchored by Macy’s, Dillard’s, and H&M among other retailers.
For a lot of shoppers we spoke to on Tuesday, the mall offers a nostalgia factor.
Some shoppers link the mall’s financial issues to the overwhelming switch to online shopping. For others, it boils down to safety, or in some cases, lack thereof.
Last year, we saw a series of burglaries in Oak Court Mall jewelry stores. A man was also shot dead outside the mall while holding his 5-month-old baby.
We reached out to The Woodmont Company for comment, but have not heard back.