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Consumers' flight from brick-and-mortar stores in malls became a major problem for retailers as internet sales and e-commerce began taking business away from physical stores in the 1990s.
Malls were hit even harder from the shutdowns during the Covid-19 pandemic, with retail slowly recovering over the last six years.
Boatworks at Tahoe LLC, a Lake Tahoe shopping mall and hotel owner, filed forChapter 11 bankruptcyprotection to avoid a foreclosure auction that was scheduled for Aug.
The Tahoe City, Calif., owner ofBoatworks Malland the adjacent Inn at Boatworks on Lake Tahoe's North Shore filed its petition in the U.S.
Bankruptcy Court for the Eastern District of California on Aug.
11, listing $10 million to $50 million in assets and debts.
Citizens National Bank of Texas in January filed a notice of default against Boatworks at Tahoe on its $14.4 million loan after the debtor failed to pay property taxes and provide proof of insurance.
The debtor is controlled by San Francisco developer MJD Capital Partners, according toSFGate.
MJD's Chapter 11 filing invokes an automatic stay on all legal actions against the debtor while the bankruptcy case proceeds.
The debtor did not indicate in its petition if it planned to reorganize the Boatworks Mall business and restructure its debt or sell its assets in bankruptcy.
MJD purchased the property in 2019 with plans for a rebuild of the property.
The developer planned to demolish the property in 2024, which included an 80-room hotel, 31 condominiums, and 8,000 square feet of retail space, but the project never proceeded.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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