MEMPHIS, Tenn. — Retail real estate company Washington Prime Group, which owns Oak Court Mall in East Memphis, filed for Chapter 11 bankruptcy protection, the company announced.
The company blamed COVID-19 for creating challenges.
Company executives said in a letter to tenants that retail centers will continue operating normally with no change to day-to-day operations.
Washington Prime Group said it had entered a restructuring agreement with its creditors and secured $100 million to support day-to-day operations during the process. It plans to restructure its finances and eliminate about $1 billion in debt, according to a release.
| May 10, 2020: Oak Court Mall to reopen with safety conditions in place →
Washington Prime owns 102 malls around the country and is the nation’s largest mall operator, CBS News reports.
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.
The company’s website does not list any other locations in the Mid-South.