The owners of the Oak Court Mall, located in Memphis, TN have filed for bankruptcy. The Washington Prime Group, who owns malls all across the nation, stated that the COVID-19 pandemic proved insurmountable and they had to file for Chapter 11 bankruptcy in 2021. WPG will continue to manage, own, lease, activate, and redevelop their portfolio of town centers. They are still confident that the financial restructuring that Chapter 11 bankruptcy offers will allow them to come back stronger than before. In fact, bankruptcy will drastically strengthen their balance sheet and offer flexibility so they can fulfill their business plans.
The Washington Prime group is dedicated to remaining an operator of retail town centers, as they play a crucial role in the communities where they function. The town centers are a place of commerce that also serves as an employment base and valued community partner. By being a source for numerous goods, the properties deliver a combination of events, activities, and tenants to keep shoppers returning again and again. By filing for Chapter 11 bankruptcy, the property is able to continue offering the services that they already have for many years.
There are other bankruptcy chapters that individuals, businesses, or government agencies can apply for, including Chapter 7 (Liquidation), Chapter 11 (Reorganization), Chapter 9 (Municipality), Chapter 13 (Individuals), Chapter 12 (Family Farmer or Fisherman), and Chapter 15 (Foreign Cases). Before filing for bankruptcy, it is important to understand the differences between them, and only apply for the chapter most suitable to the debtor in need and their financial situation.
As a Memphis, TN bankruptcy lawyer from Darrell Castle & Associates knows, there are times when we encounter a situation that we never predicted. And especially in recent years with COVID-19 impacting the entire globe, it is no wonder that businesses and individuals alike are struggling financially. Many people don’t realize that bankruptcy is a resource, not something to be ashamed about pursuing. If anything, the fact that you may be considering filing for bankruptcy shows that you want better for your future than what the current circumstances are.
If you are struggling to keep up with bills or recovering from an accident, then you need a committed team that truly cares about your situation and knows how to get the job done. Our attorneys are known for our results, and compassion along the way. We are here to assist you every step towards filing for bankruptcy and thereafter. There is no reason that your financial struggles today should prevent you from living the life you have already imagined. If you want to know if bankruptcy is a resource that can change your current predicament, don’t hesitate to all — our consultation is free, with no strings attached. We just want to be there for you during this difficult time. All you have to do is reach out.