LAKEWOOD – The Chautauqua Mall’s owner is in serious financial trouble after missing an interest payment this week, plummeting the company’s stock price.
In a filing with the Securities and Exchange Commission, Ohio-based Washington Prime Group reported it missed a $23.2 million interest payment on Tuesday.
The troubling financial news was felt on Wall Street, with the group’s stock (NYSE: WPG) falling more than 34 percent to $8. By week’s end the stock’s value fell even further, to $6.87 on Friday.
The company has been feeling the effects of the COVID-19 pandemic, with store closures at both the Chautauqua County location and nationwide.
Now the business has hired a Chicago law firm to explore restructuring.
The news came just days before Ollie’s Bargain Outlet announced its plan to open a store in the mall.