Not bankruptcy at least not yet but they're the first big mall landlord to miss a bond payment.

https://seekingalpha.com/news/3579507-cbl-associates-to-skip-interest-payment

https://www.wsj.com/articles/mall-owner-cbl-misses-debt-payment-seeks-renegotiation-11591133967

Quote:

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Mall owner CBL & Associates Properties Inc. said it failed to make an interest payment of $11.8 million to bondholders on Monday, becoming the first major retail landlord during the coronavirus pandemic to take this step toward a bond default.

The missed interest payment kicks off a 30-day grace period before a debt default becomes official. CBL said in a public filing on Tuesday that it missed the payment "in order to advance discussions with its lenders and explore alternative strategies."

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Their stock value is down to nearly nothing. Hit a high 3 years ago at around 44 dollars. Now less than 30 cents per share. With the possibility of this mall losing up to 4 to 5 major stores, I don't see how it will make it as is. They should switch to an off price theme. That is where retail is going now. However, I have read that there is no money to make any changes in their properties. Sad situation for the workers at the mall. CBL's bond rating is down to junk status.

scd88 said:

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Slocum on a mobile said:

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I would love to see something like Baybrook Mall in Friendswood/Clear Lake. But it will take some deep pockets to do it.

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What did they do at Baybrook?

I've always thought malls would be great retirement places. Individual units opening to an inside walking area. They could have onsite medical support, etc.

It would be stupid expensive, though.

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That is an interesting idea...

Baybrook Mall is great. It would be nice to have a mall like that.

Did they redo Baybrook? It didn't used to be anything special.

I'll have to go by there the next time I visit my parents

Conn's can't be too happy about this.

ratfacemcdougal said:

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Conn's can't be too happy about this.

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Conn's got conned...

ratfacemcdougal said:

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Conn's can't be too happy about this.

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The Sears building that Conn's is going in is fully owned by them not the mall. Sears owned that and sold it. So if the mall fails, that will still be there.

I don't think the mall will fail completely. They just need new owners willing to invest in it including a complete redo of the dated exterior.

it seems very risky to pour millions of dollars into brick & mortar right now

I've always thought that space was a great opportunity for a mixed use development. Problem is, making that kind of concept work can be a very difficult thing, but using the existing structure can help form that concept and provide the basis for that "cozy" atmosphere that people like.

There's an interesting website called deadmalls.com that has info about failed shopping centers. Being very much an Old I remember going to Northwest Mall and Sharpstown in Houston, and San Jacinto Mall in Baytown. Time does take its toll.

ro828 said:

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There's an interesting website called deadmalls.com that has info about failed shopping centers. Being very much an Old I remember going to Northwest Mall and Sharpstown in Houston, and San Jacinto Mall in Baytown. Time does take its toll.

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I remember all of those too. They are gone?

Malls are a thing of the past.

There are a few exceptions, but that whole concept is gone.

MisterShipWreck said:

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ro828 said:

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There's an interesting website called deadmalls.com that has info about failed shopping centers. Being very much an Old I remember going to Northwest Mall and Sharpstown in Houston, and San Jacinto Mall in Baytown. Time does take its toll.

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I remember all of those too. They are gone?

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Man. I spent so much time in Windsor Park Mall growing up (in San Antonio) . Aladdin's Castle, the movie theater, Waldenbooks, KayBee Toy Store, B Dalton Bookseller, the various music stores (cassettes), Montgomery Wards, Food Court, the place that sold shurikens and knives, etc.

I think the Army bought it or part of it.

May not be just the mall. Luby's owns Fuddruckers, and Luby's is trying to sell the business. If they don't, they may fold. That would be another loss for that side of town. That would be unfortunate.

Did Blinn ever build that new campus? If not, use the mall.

crob said:

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Did Blinn ever build that new campus? If not, use the mall.

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ACC bought the old Highland Mall in Austin; made it a regional campus focusing on technology. ACC has the tax revenues to fund such a venture; Blinn does not. I do not think the COCS would be in favor of trading sales tax revenue for a college campus. Then again, if the mall fails, and associated retail goes away, sales tax revenue is a moot point.

dgonzo99 said:

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May not be just the mall. Luby's owns Fuddruckers, and Luby's is trying to sell the business. If they don't, they may fold. That would be another loss for that side of town. That would be unfortunate.

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Is that a corporate owned Fuddruckers or franchise? From what I read, only corporate owned Fuddruckers would be affected by the sale or liquidation.

deh40 said:

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dgonzo99 said:

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May not be just the mall. Luby's owns Fuddruckers, and Luby's is trying to sell the business. If they don't, they may fold. That would be another loss for that side of town. That would be unfortunate.

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Is that a corporate owned Fuddruckers or franchise? From what I read, only corporate owned Fuddruckers would be affected by the sale or liquidation.

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From the tax records, it looks to be corporate owned.

scd88 said:

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Slocum on a mobile said:

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I would love to see something like Baybrook Mall in Friendswood/Clear Lake. But it will take some deep pockets to do it.

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What did they do at Baybrook?

I've always thought malls would be great retirement places. Individual units opening to an inside walking area. They could have onsite medical support, etc.

It would be stupid expensive, though.

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There was a mall at Kingwood. It was made over to a hospital. Two of my kids were born there.

Interesting. I don't remember that shopping center, but I didn't go up there much when I lived in Houston.

atm86 said:

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scd88 said:

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Slocum on a mobile said:

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I would love to see something like Baybrook Mall in Friendswood/Clear Lake. But it will take some deep pockets to do it.

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What did they do at Baybrook?

I've always thought malls would be great retirement places. Individual units opening to an inside walking area. They could have onsite medical support, etc.

It would be stupid expensive, though.

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There was a mall at Kingwood. It was made over to a hospital. Two of my kids were born there.

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Was it at 1960 and 59? Seems I remember that.

91_Aggie said:

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MisterShipWreck said:

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ro828 said:

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There's an interesting website called deadmalls.com that has info about failed shopping centers. Being very much an Old I remember going to Northwest Mall and Sharpstown in Houston, and San Jacinto Mall in Baytown. Time does take its toll.

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I remember all of those too. They are gone?

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Man. I spent so much time in Windsor Park Mall growing up (in San Antonio) . Aladdin's Castle, the movie theater, Waldenbooks, KayBee Toy Store, B Dalton Bookseller, the various music stores (cassettes), Montgomery Wards, Food Court, the place that sold shurikens and knives, etc.

I think the Army bought it or part of it.

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I grew up in Louisiana, But the local mall in Houma, Louisiana, had all of those exact same places except for Montgomery Wards.

BMo said:

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atm86 said:

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scd88 said:

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Slocum on a mobile said:

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I would love to see something like Baybrook Mall in Friendswood/Clear Lake. But it will take some deep pockets to do it.

---

What did they do at Baybrook?

I've always thought malls would be great retirement places. Individual units opening to an inside walking area. They could have onsite medical support, etc.

It would be stupid expensive, though.

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There was a mall at Kingwood. It was made over to a hospital. Two of my kids were born there.

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Was it at 1960 and 59? Seems I remember that.

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That was/is Deerbrook Mall. Kingwood Mall was across 59 from Kingwood on Kingwood Drive. I believe it was Columbia Health bought the mall and converted it.

atm86 said:

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BMo said:

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atm86 said:

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scd88 said:

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Slocum on a mobile said:

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I would love to see something like Baybrook Mall in Friendswood/Clear Lake. But it will take some deep pockets to do it.

---

What did they do at Baybrook?

I've always thought malls would be great retirement places. Individual units opening to an inside walking area. They could have onsite medical support, etc.

It would be stupid expensive, though.

---

There was a mall at Kingwood. It was made over to a hospital. Two of my kids were born there.

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Was it at 1960 and 59? Seems I remember that.

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That was/is Deerbrook Mall. Kingwood Mall was across 59 from Kingwood on Kingwood Drive. I believe it was Columbia Health bought the mall and converted it.

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Thanks, had forgotten about this mall.