LAKEWOOD – The Chautauqua Mall’s owner has filed for Chapter 11 Financial Restructuring.
Ohio-based Washington Prime Group announced the news on Sunday night citing the pandemic’s financial challenges, with store closures at both the Chautauqua County location and nationwide.
The business reports it has secured $100 million in new money debtor-in-possession financing from consenting creditors to support day-to-day operations during the legal process.
The company has also filed several customary first day motions in bankruptcy court that will allow the group to continue operations.
Earlier this year the business missed a $23.2 million interest payment, plummeting its stock price.