Tag Archives: filing

Owner of Century Plaza files for bankruptcy

General Growth Properties (GGP) filed for Chapter 11 bankruptcy protection early this morning, as first reported by The New York Times and as announced via press release on GGP’s website. The release states that day to day operations will not be affected by the filing in New York. The New York Times’ blog post also speculates about the company looking to sell off properties to help emerge out of bankruptcy as soon as possible. It is reportedly the largest real estate bankruptcy filing in the nation’s history at $27 billion.

Birmingham’s Century Plaza is on the list of properties included in the filing. GGP also operates the Riverchase Galleria in Hoover, however it was not included in the list of properties since the company only serves as a management agent for one of Alabama’s top shopping destinations.

In February it was announced that the last anchor store at Century Plaza, Sears, had planned to close at the end of May – its already done so.

Ritz Camera files for bankruptcy

Ritz Camera Centers, Inc., which at more than 1,ooo locations in 45 states, presumably makes it the world’s largest camera chain, filed for Chapter 11 bankruptcy protection yesterday. Locally, the company operates as Wolf Camera, with six locations in the metro Birmingham area and 10 overall statewide.

Its online component, Ritz Interactive, is a separate company, though the announcement is sure to have an impact on the e-commerce side of things. Ritz Camera Centers serves as the web company’s largest supplier.

They still plan to operate during the restructuring.