[RTC List] Bayshore Mall Files For Bankruptcy

Thu Apr 16 22:24:28 PDT 2009

I've been trying to bite my tongue on this one, but it really is a point of local interest.

First of all, just because General Growth is restructuring under Chapter 11 bankruptcy protection, doesn't mean the Bayshore Mall will be going out of business. While GG owns some 200 malls in the US, it's not clear yet what they will do will any given mall at this point.

Whether the mall is good or bad for local businesses depends more upon local consumers than upon whether the mall is there or not. Frankly, the mall can offer some nice options for consumers -- for example, as the parent of a young child, the "playground" area and Bouncerpalooza are nice venues during the winter months.

RE: I've been in Humboldt before the malls and the Local, friendly, Main street merchants would happily charge more for the same goods with a smile.

This may be true, but enlightened consumers will understand that every dollar spent locally will produce much more than one dollar's value in the local economy as that same dollar gets spent several times over locally.

I remember well when I used to come up here on research field trips in the 90's and how "main street" started changing nicely at the turn of the century. The main streets up in here seem to be doing quite well in comparison with the rest of the country.

There's my two cents worth on this thread.

Warm regards,

Sean Connors
Sean at WMSmerchantservices.com
www.WMSmerchantservices.com

Web Merchant Services
Supplying the services you need to succeed online

Sales: 1-877-569-6584
Support: 1-707-443-4447
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Learn more about how you can succeed online:
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From: Bob Freeman 
Sent: Thursday, April 16, 2009 9:29 PM
To: list at redwoodtech.org 
Subject: Re: [RTC List] Bayshore Mall Files For Bankruptcy

I was driving through LA this morning and the radio was all about the large mall holding company that was going bankrupt.

I'm sure that the Humboldt one is just part of the same group and sorry, but bankrupt does not mean that the mall will 

go away and become a Humboldt marsh, it will just be re-organized.

I don't want to burst your bubble, but malls have features that "main" street will never have.like parking and  selection.

People like malls cause they work..

I've been in Humboldt before the malls and the Local, friendly, Main street merchants would happily charge more for the same goods with a smile.

The Bayside Mall brought the prices down and ran off the price gougers.but I guess if you have lots of money, high prices for ambiance is a good thing!

Don't worry, I don't even like to shop in a mall or local store.not my idea of a good time!

Bob

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From: list-bounces at redwoodtech.org [mailto:list-bounces at redwoodtech.org] On Behalf Of Michael Meuser
Sent: Thursday, April 16, 2009 1:26 PM
To: list at redwoodtech.org
Subject: Re: [RTC List] Bayshore Mall Files For Bankruptcy

I'm not surprised either.  It may be the sign of a new and better beginning though. The mall had a lot to do
with killing local businesses in Humboldt County - the damage has been done.  Hopefully there is
still enough entrepreneural spirit and capital for local business to reinhabit main streets up and down
North Coast. The mall sold a lot of imported stuff that could be made here.  It's time to reindustrialize
and localize.

On Thu, Apr 16, 2009 at 12:33 PM, William Van Hefner <vantek at humboldtonline.com> wrote:

This doesn't seem to have hit today's newspapers or any local news
websites that I know of yet, so thought that I'd pass it along. Not
unexpected news, but still sad...

Bayshore Mall, General Growth File For Bankruptcy Protection

HumboldtOnline.Com, Eureka, Calif.

General Growth Properties, Inc., the second largest mall owner in the
United States, has filed for Bankruptcy in the United States Bankruptcy
Court for the Southern District of New York.

The Chicago-based corporation, which listed total assets of $29.56 billion
and total debts of $27.29 billion, sought Chapter 11 bankruptcy protection
from creditors along with 158 of its more than 200 U.S. malls, as it
struggles to continue paying down its debt. Included among the 158
entities included in the bankruptcy are Bay Shore Mall II L.L.C., Bay
Shore Mall Partners and Bay Shore Mall, Inc.

Certain subsidiaries, including GGP's third party management business
conducted by General Growth Management, Inc. and GGP's joint ventures have
not filed for protection. A complete list of subsidiaries and the related
operating properties that have filed voluntary petitions can be found at
http://www.ggp.com, as well as a list of operating properties not involved
in the filings.

GGP's retail centers, office properties and master planned communities
will be open for business as usual as the company restructures its debt.
Properties will continue to operate, and employees will continue to be
paid.

The company has hired law firms Weil Gotshal & Manges and Kirkland & Ellis
to represent it, according to court papers.

The case is In re: General Growth Properties Inc, U.S. Bankruptcy Court,
Southern District of New York, No. 09-11977.

--
William Van Hefner - President
Vantek Communications, Inc.
e-mail: editor at humboldtonline.com

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