The Palisades Center did not make April or May mortgage payments and an insider familiar with The Pyramid Group says a June payment is “not likely,” because stores are not on track to open until mid-month.
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Malls around the nation that had been closed since March to prevent the spread of COVID-19 began opening within the last two weeks, but foot traffic remained anemic, according to data from Placer.ai.
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J.Crew is the first company to file for bankruptcy during the COVID-19 pandemic and analysts expect the list will grow longer.
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More than half of all mall-based department stores could close by the end of 2021, according to Green Street Advisors.
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Bankruptcy is looking like a probable outcome for The Pyramid Group but Hail-Mary negotiations have been underway through the weekend to keep the mall developer from the bankruptcy court, according to a source close with knowledge of the dire situation.
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Its massive debt of $388.5 million has been transferred to a special CMBS servicing unit because of “imminent monetary default.”
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Sporting goods chain Modell’s says it is closing 24 of its 140 stores nationwide. So far, It is unclear whether either of Rockland’s two locations will be affected
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County Executive Ed Day used his bully pulpit during Thursday’s State of the County address at The Palisades Center to advocate for a resolution on the mall’s deadlocked efforts with the Town of Clarkstown to build out an unused portion of space on the fourth floor
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Struggling department store chain Macy’s is planning to close 125 of its weakest stores over the next three years and cut 2,000 corporate jobs in its latest push to reinvent itself in the age of online shopping
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Arena STEM is a new and innovative retail-entertainment concept focused on activities in technical science, sports, and creative hobbies.
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