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Owner of Pearlridge Center files for bankruptcy, faces $3.5B debt

Pearlridge Center, seen here in a file photo taken on Dec. 31, 2019.
Pearlridge Center, seen here in a file photo taken on Dec. 31, 2019.(Instagram/Pearlridge Center)
Updated: Jun. 14, 2021 at 9:45 PM HST
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HONOLULU (HawaiiNewsNow) - The owner of Pearlridge Center filed for bankruptcy Sunday following financial struggles due to the pandemic.

Washington Prime Group filed for Chapter 11 bankruptcy protection in order to restructure and pay down roughly $3.5 billion in debt.

The owner of the popular Oahu mall said that the closure of retail stores and restaurants along with stay-at-home orders during the pandemic significantly impacted business.

Washington Prime Group said it was able to secure $100 million in new funding to support day-to-day operations of its malls.

The Ohio-based company owns more than a hundred malls across the country.

Currently, all of the malls the company owns will remain open.

This is the third US mall owner to go under due to COVID.

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