Foreseen Closure of Bon-Ton Stores Leave Shopping Centers Panicking
“As multiple anchors close at a single mall, property managers may face a spiraling crisis of declining rent rolls.”
After posting a $45 million net loss last year, Bon-Ton Stores’ announced in November that they will be closing 40 locations, amounting to just about 15% of their total portfolio. Not only does this hit the company hard, but also landlords and retailers who depend on Bon-Ton Stores’ as anchor locations. After investigating, Morningstar announced that “59 commercial mortgage-backed securities deals have exposure to one of Bon-Ton’s locations.” This means trouble for mall owners across the country.
Read on here: https://goo.gl/RiNz2b
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