The Washington Prime Group, which owns the Lima Mall and Lima Center, filed for Chapter 11 bankruptcy Sunday night. The company owns retail properties throughout the United States, including eight in Ohio.
According to a media release, they expect it will be business as usual at its shopping centers, while they restructure to strengthen their operations going forward. The bankruptcy will allow them to reduce the amount of money they owe, and they have reached deals with creditors who own 73% of the company's debt. The Washington Prime Group says the pandemic has created significant challenges for them, but they have gotten $100 million in financing from creditors to support daily operations.