Morgantown Mall files for Chapter 11 bankruptcy in hopes to revamp
MORGANTOWN, W.Va (WDTV) - Many malls across the country, including in West Virginia, are expected to close within the next five to ten years as online shopping has become more widely used.
The Morgantown Mall owner has filed for Chapter 11 bankruptcy, meaning that instead of closing, they plan to restructure. This is expected to be helpful in paying down one billion dollars in dept.
“I think you’re seeing a resurgence, if you will, of retail activity being centered over in that particular area, so given that, I’m actually more excited about what’s happening over there than concerned,” said President & CEO of Morgantown Area Partnership Russ Rogerson.
The move to revamp the space will incorporate new businesses. Mall officials have already announced two new stores being added and plan for much more growth.
A statement from General Manager Felicia Posey reads in part, “Our team is thrilled with the ongoing progress and momentum as we reinvigorate Morgantown Mall which continues to be a destination to eat, shop and play for the community and the tri-state area.”
The director of WVU Bureau of Business and Economic Research John Deskins says this is growth that will be beneficial to the local economy. He said, “I think the Morgantown Mall is an important part of the overall infrastructure that we have here in Mon County or in North Central West Virginia. I think it will help retail and I think it will help the area over all become more attractive to potential residents and more attractive to potential businesses.”
As the build to bring attractions throughout the North Central region, Rogerson says it’s important to consider the future.“We need to make sure that as we build this economy back up that those all maintain viability and we maintain enough retail presence and whatever that looks like tomorrow in our community,” he said.
Rogerson also says the economy in north central West Virginia is allowing for this growth where in other parts of the country this may not be as possible.
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