When walking around Rivertown Crossings Mall in Grandville one would never even think that it is close to being bankrupt but that is the case. General Growth Properties the nation’s number 2 shopping mall company may soon be the next to fall due to the credit crunch. The 54 year old company is unable to make payments on it 27.4 billion dollar debt load. This company owns more than 200 shopping malls in 44 states in the US alone.
Many analysts feel that General Growth’s malls will not shut down. In fact there are already two other companies that could buy out General Growth and pay their 1 billion dollar payment due next month. If these companies do not buy out General Growth though they will be forced to plead with lenders for extensions on credit which is extremely hard to do with the way our economy is currently. If that does not go through they then will be forced to sell off the properties piece by piece.
As a resident of Grandville this news is extremely nerve racking. I feel if for some reason Rivertown Crossings Mall closed it would cripple Grandville. Causing many people to lose jobs and have to leave the area. This would just cause a ripple affect around the Grand Rapids area. Hopefully one of these two companies are willing to take over General Growth’s debt load and keep these malls open and save towns like Grandville from certain disaster.
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