Washington Prime Group, Parent Company Of Lincolnwood Town Center Mall, Files For Bankruptcy
CHICAGO (CBS) -- Less than a week after we told you about the financial struggles at Lincolnwood Town Center, the suburban mall's parent company has filed for bankruptcy.
Washington Prime Group operates more than 100 malls in the U.S.
The company said it plans to keep its malls in operation during Chapter 11 proceedings.
At the mall, crowds are sparse, and about a quarter of the space is vacant. Yet despite the COVID-19 pandemic, Assistant Village Manager Chuck Meyer said Lincolnwood's sales tax revenue only dipped about $200,000.
"The village, along with a lot of other communities, actually saw sales tax go up in certain categories," Meyer said.
Meyer said this does not mean Lincolnwood isn't in the hole like so many municipalities – in point of fact, it is. But it is only in the hole by about $1.5 million – a sliver of its overall budget.
Meyer expects the village will be able to fill that hole with federal funds, a new packaged liquor tax, and a meager food and beverage tax hike to 2 percent.
And even though Lincolnwood Town Center's future is in flux, Meyer said they still want the property to be an important part of the community. More discussions about that will be taking place in the near future.