Water Tower Place In Financial Straits

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First Posted: 11-11-08 11:17 AM   |   Updated: 12-12-08 05:12 AM

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CBS 2:

One of the crown jewels of the Magnificent Mile retail district is in serious financial trouble.

The owner of the Water Tower Place might have to file for bankruptcy. Chicago-based General Growth Properties is struggling under $24 billion debt and is almost worth nothing, the Chicago Sun-Times reported.

Much of the debt was acquired when General Growth bought out competitor Rouse, and the $24 billion figure is estimated to be exactly the value of the malls the company owns, the Sun-Times reported.

Read the whole story: CBS 2

One of the crown jewels of the Magnificent Mile retail district is in serious financial trouble. The owner of the Water Tower Place might have to file for bankruptcy. Chicago-based General Growth Pro...
One of the crown jewels of the Magnificent Mile retail district is in serious financial trouble. The owner of the Water Tower Place might have to file for bankruptcy. Chicago-based General Growth Pro...
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- ChiGuy I'm a Fan of ChiGuy 323 fans permalink
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WTP's heyday passed a long time ago.
High-end stores stopped renewing their leases at the ridiculous rates that were being charged and signed-on with other locales on the Mag Mile. And the companies that filled the vacancies were second and third level retailers at best.

I worked there in the early 90s and met Bill Clinton during his first campaign. He was staying at the Ritz right behind the mall. (Ok....it was a big deal to ME!)

    Favorite    Flag as abusive Posted 12:04 AM on 11/12/2008
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