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Defunct mall owners to file for Chapter 7

The Fashion Mall is no more, though it may live on in the hands of new ownership, according to business news. The developers and owners associated with the defunct mall have filed for Chapter 7 bankruptcy, a move South Carolina business owners understand can sometimes be the best way to deal with mounting debt. Ownership is currently in the market for new buyers for the property. 

The mall project was launched in 2004 when U.S. Capital purchased the 650,000 square foot property for $41.5 million. The plan had been to populate it with shops, offices and other outlets, but the project was plagued with problems from the outset. Damage suffered due to Hurricane Wilma caused several major retailers, including Macy's, to pull out, and the mall officially closed in 2007. Since then, it has been boarded up, awaiting rejuvenation. 

That rejuvenation was set to occur in 2008 when it was proposed that a 14-screen movie theater be installed in the property. However, with the recession hitting in the same year, that project was shelved indefinitely. Now, U.S. Capital has filed for Chapter 7 bankruptcy and plans to seek out interested parties to purchase the property in its stead.

South Carolina business owners understand how frustrating it can be to work toward a project that does not come to fruition, but they also understand the importance of keeping ahead of business debt. A Chapter 7 filing will allow U.S. Capital to liquidate company assets to cover any accrued debts they might have. Additionally, selling the property may allow them to transfer some of those debts to the new owners as part of a real estate deal.

Source: sun-sentinel.com, "Fashion Mall owners to file for bankruptcy", Paul Owers, Oct. 14, 2014

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