Updated On
08/26/08 at 08:06AM
Failed retailer hurts landlords, investors
Boscov's
The Pennsylvania-based department store Boscov's filed for bankruptcy earlier this month, causing trouble for its landlords and investors. Simon Property Group and General Growth Properties own six malls that house Boscov's stores, and will now struggle to fill the vacant space in an already weak retail environment. The store chain was late in payments on $117 million in debt, and has more than $1.53 billion in outstanding loans. Seven Boscov's store mortgages were packaged by Bank of America.
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