The company that owns the Dare Centre shopping complex in Kill Devil Hills has entered bankruptcy, as mall owners around the country face mounting financial pressures stemming from the coronavirus pandemic.
Washington Prime Group, which owns the Dare Centre between Third Street and the Kill Devil Hills fire station along North Croatan Highway, said they will continue business as usual while working through Chapter 11 and tenants and shoppers will not be impacted.
“The company’s financial restructuring will enable WPG to right size its balance sheet and position the company for success going forward,” said CEO and director Lou Conforti.
The Columbus, Ohio-based real estate investment trust owns about 100 malls throughout the U.S. including several in the Triangle and Charlotte.
“During the financial restructuring, we will continue to work toward maximizing the value of our assets and our operating infrastructure,” Conforti said. “The company expects operations to continue in the ordinary course for the benefit of our guests, tenants, vendors, stakeholders and colleagues.”
The owner of department store Belk, one of the Dare Centre anchors, in Feburary had its bankruptcy filing accepted by a judge. No store closings were mentioned as part of the restructuring plan.