BIGGEST MALL IN U.S. 2 MONTHS BEHIND PAYMENTS ON $1.4-B LOAN
The Mall of America, biggest mall in the U.S. is having troubles paying interest and principal payments on its $1.4-billion in April and May as the COVID-19 pandemic compelled it to shutter on March 17, a filing by Wells Fargo showed.
In a story written for Business Insider by Carmen Reinicke on May 22, 2020, the Bloomington, Minnesota-based mall that spans 5.6 million square feet and includes more than 500 shops, 50 restaurants, an aquarium, movie theater, and indoor theme park, plans to reopen retail stores on June 1 followed by food outlets.
"Throughout the past eight weeks, we have been working with state and national organizations to help identify and establish industry-wide reopening safety protocols," the mall said. It will continue to update its reopening plan as necessary, it added.
The owners of Mall of America, the Ghermezian family, also own the American Dream Mall in New Jersey. The retail wing of the American Dream Mall was scheduled to open in March but had to be postponed due to the coronavirus pandemic. It's since turned part of the facility into a COVID-19 testing center. #COVID19