[RTC List] Bayshore Mall Files For Bankruptcy

Fri Apr 17 00:34:09 PDT 2009

The Bayshore Mall closing would be a huge blow to the City of Eureka
insofar as tax revenues are concerned. Not only does the mall generate a
huge amount of sales taxes, but property taxes as well. Many of the
businesses that relocate outside of the mall do so outside of the city
limits. Also, the city will be much more dependent upon sales taxes, now
that the utility tax has been repealed and the sales tax increased.

I think it is safe to say that the mall has been grossly mismanaged over
the years, as any business owner that has moved out of the place or
refused to set up shop there to begin with will gladly tell you. I don't
necessarily believe that this is as much the fault of local management as
it is their corporate policies, but it has definitely led to a lot of
local merchants bailing on them. I think that their long-term future will
depend largely upon drawing large, out-of-town chain stores (like Kohl's,
which will apparently be moving into the space that Mervyn's occupied), as
they seem to have worn out their welcome with a great number of local
businesses.

-- 
William Van Hefner - President
Vantek Communications, Inc.
e-mail: editor at humboldtonline.com

On Thu, April 16, 2009 10:24 pm, Sean Connors wrote:
> I've been trying to bite my tongue on this one, but it really is a point
> of local interest.
>
> First of all, just because General Growth is restructuring under Chapter
> 11 bankruptcy protection, doesn't mean the Bayshore Mall will be going
> out of business. While GG owns some 200 malls in the US, it's not clear
> yet what they will do will any given mall at this point.
>
> Whether the mall is good or bad for local businesses depends more upon
> local consumers than upon whether the mall is there or not. Frankly, the
> mall can offer some nice options for consumers -- for example, as the
> parent of a young child, the "playground" area and Bouncerpalooza are
> nice venues during the winter months.
>
> RE: I've been in Humboldt before the malls and the Local, friendly, Main
> street merchants would happily charge more for the same goods with a
> smile.
>
> This may be true, but enlightened consumers will understand that every
> dollar spent locally will produce much more than one dollar's value in
> the local economy as that same dollar gets spent several times over
> locally.
>
> I remember well when I used to come up here on research field trips in
> the 90's and how "main street" started changing nicely at the turn of the
> century. The main streets up in here seem to be doing quite well in
> comparison with the rest of the country.
>
> There's my two cents worth on this thread.
>
>
> Warm regards,
>
>
> Sean Connors
> Sean at WMSmerchantservices.com
> www.WMSmerchantservices.com
>
> Web Merchant Services
> Supplying the services you need to succeed online
>
>
> Sales: 1-877-569-6584
> Support: 1-707-443-4447
> Fax: 1-877-569-6584
>
>
> Learn more about how you can succeed online:
> http://blog.WMSmerchantservices.com
>
>
>
>
>
> From: Bob Freeman
> Sent: Thursday, April 16, 2009 9:29 PM
> To: list at redwoodtech.org
> Subject: Re: [RTC List] Bayshore Mall Files For Bankruptcy
>
>
>
> I was driving through LA this morning and the radio was all about the
> large mall holding company that was going bankrupt.
>
> I'm sure that the Humboldt one is just part of the same group and sorry,
> but bankrupt does not mean that the mall will
>
> go away and become a Humboldt marsh, it will just be re-organized.
>
> I don't want to burst your bubble, but malls have features that "main"
> street will never have.like parking and  selection.
>
> People like malls cause they work..
>
>
> I've been in Humboldt before the malls and the Local, friendly, Main
> street merchants would happily charge more for the same goods with a
> smile.
>
> The Bayside Mall brought the prices down and ran off the price
> gougers.but I guess if you have lots of money, high prices for ambiance
> is a good thing!
>
>
>
> Don't worry, I don't even like to shop in a mall or local store.not my
> idea of a good time!
>
>
>
> Bob
>
>
> ====================
>
>
> BtB Software, LLC
>
>
> www.btbsoftware.com
>
> ph: 707.499.0035
>
>
> fax: 866.381.6887
>
>
> Alt Email: b29438.2007 at gmail.com
>
>
>
>
> & webmaster for www.caphld.org
>
>
>
>
>
>
>
>
> From: list-bounces at redwoodtech.org [mailto:list-bounces at redwoodtech.org]
> On Behalf Of Michael Meuser
> Sent: Thursday, April 16, 2009 1:26 PM
> To: list at redwoodtech.org
> Subject: Re: [RTC List] Bayshore Mall Files For Bankruptcy
>
>
>
>
> I'm not surprised either.  It may be the sign of a new and better
> beginning though. The mall had a lot to do with killing local businesses
> in Humboldt County - the damage has been done.  Hopefully there is still
> enough entrepreneural spirit and capital for local business to reinhabit
> main streets up and down North Coast. The mall sold a lot of imported
> stuff that could be made here.  It's time to reindustrialize and localize.
>
>
>
>
>
> On Thu, Apr 16, 2009 at 12:33 PM, William Van Hefner
> <vantek at humboldtonline.com> wrote:
>
>
> This doesn't seem to have hit today's newspapers or any local news
> websites that I know of yet, so thought that I'd pass it along. Not
> unexpected news, but still sad...
>
> Bayshore Mall, General Growth File For Bankruptcy Protection
>
>
> HumboldtOnline.Com, Eureka, Calif.
>
>
> General Growth Properties, Inc., the second largest mall owner in the
> United States, has filed for Bankruptcy in the United States Bankruptcy
> Court for the Southern District of New York.
>
>
> The Chicago-based corporation, which listed total assets of $29.56
> billion and total debts of $27.29 billion, sought Chapter 11 bankruptcy
> protection from creditors along with 158 of its more than 200 U.S. malls,
> as it struggles to continue paying down its debt. Included among the 158
> entities included in the bankruptcy are Bay Shore Mall II L.L.C., Bay
> Shore Mall Partners and Bay Shore Mall, Inc.
>
>
> Certain subsidiaries, including GGP's third party management business
> conducted by General Growth Management, Inc. and GGP's joint ventures have
>  not filed for protection. A complete list of subsidiaries and the
> related operating properties that have filed voluntary petitions can be
> found at http://www.ggp.com, as well as a list of operating properties not
> involved in the filings.
>
> GGP's retail centers, office properties and master planned communities
> will be open for business as usual as the company restructures its debt.
> Properties will continue to operate, and employees will continue to be
> paid.
>
> The company has hired law firms Weil Gotshal & Manges and Kirkland &
> Ellis
> to represent it, according to court papers.
>
> The case is In re: General Growth Properties Inc, U.S. Bankruptcy Court,
> Southern District of New York, No. 09-11977.
>
>
>
> --
> William Van Hefner - President
> Vantek Communications, Inc.
> e-mail: editor at humboldtonline.com
>
>
>
>
>
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> --
> Mike Meuser
> Right-To-Know More
> http://www.toxicrisk.com
> http://www.mapcruzin.com
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