Washington Prime files for Bankruptcy: What you need to know

Picture Courtesy: USA Today

1. The major mall owner company, Washington Prime Group, filed for bankruptcy today citing the financial losses due to COVID-19.

2. The firm owns more than 100 malls across the US. They filed for Chapter 11 form late Sunday and secured $100 million in new funding to support its day-to-day functioning.

3. The company’s CEO Lou Conforti said that there would be a restructuring in the company which will help them to overcome this situation. He said, “During the financial restructuring, we will continue to work toward maximizing the value of our assets and our operating infrastructure”.

4. The stocks for Washington Prime (WPG) tanked about 55% in early trading on Monday.