Future of Myrtle Beach’s Coastal Grand Mall in limbo as owners file for bankruptcy
The company behind Myrtle Beach’s largest mall — and other shopping centers in South Carolina — filed for bankruptcy.
But, the owners stress that day-to-day operations will see little impact ahead of the busy holiday season.
CBL Properties, which is based in Tennessee, filed for Chapter 11 bankruptcy protection in Texas federal court on Monday. Chapter 11 bankruptcy allows a company to develop a reorganization plan and continue operations through the process and exit with a stronger financial future.
CBL owns various properties in South Carolina including:
- Coastal Grand Mall off U.S. 17 in Myrtle Beach.
- Northwoods Mall in North Charleston.
- Westgate Crossing in Spartanburg.
In a news release, CBL stated that customers and tenants can expect operations to continue as normal at their malls.
CBL Properties owns 107 malls in 26 states, according to company data. It has a total of 66.7 million square feet of property.
The news comes as several retail companies face difficulties due to coronavirus. Many retailers reported a sales downturn because of closures and people staying away from crowded shopping areas.
Coastal Grand Mall in Myrtle Beach has faced the same challenges in recent months. In April, there was a report amid concerns about Horry County’s prominent mall being unable to make loan payments. In June, Coastal Grand Mall sued one of its anchor stores over a failure to pay rent.
Coastal Grand Mall closed for most of April as the area tried to slow the spread of COVID-19.
