Local mall owner files for bankruptcy

April 16, 2009 2:28:35 PM PDT
The financial troubles facing the owner of the mall in the Woodlands and several other local shopping centers has taken a new step.[SIGN UP: Get headlines and breaking news sent to you]

General Growth Properties has filed for chapter 11 bankruptcy protection. General Growth owns all or part of five Houston area malls, including the Woodlands Mall, Deerbrook Mall, First Colony Mall and Baybrook Mall.

Shoppers shouldn't become too concerned about this. The stores are not going anywhere. The bankruptcy filing will give the company time to restructure its debt and that is exactly what General Growth is currently doing.

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