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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 34-room 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 managed by San Francisco firm MJD Capital Partners, according toSFGate.
"Staying open is crucial for the business, the employees, and the community," MJD Capital Partners' Marie Murphy said in a statement.
"A Chapter 11 reorganization of the LLC that owns this iconic project legally prevents foreclosure while the business restructures." MJD's Chapter 11 filing invokes an automatic stay on all legal actions against the debtor while the bankruptcy case proceeds.
The debtor plans to remain open while it reorganizes its assets in bankruptcy.
"We continue to believe a mixed-use redevelopment is the best way to revitalize Boatworks and preserve its unique character," Murphy said.
| Product | Price | Change |
|---|---|---|
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| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
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| Sulphur Gran 99.5% | $470/MT | -0.44% |
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| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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