Owners of Coastal Grand, Magnolia Malls File for Bankruptcy

The owners of two local malls have filed for bankruptcy. The parent company of Coastal Grand Mall announced yesterday they filed for Chapter 11 in Texas. This means they intend to keep business going, and pay employees, while paying creditors off over time. It’s reported they’re financial struggles stem from uncollected rent from retailers, declining customer traffic and a mounting debt of nearly $1 billion. The owners of Magnolia Mall in Florence also filed due to similar issues, but in Delaware. They also hope to keep business as usual for the time being.