General Growth Properties, a big name in the field of mall operators has filed for bankruptcy today. This is one of the biggest real estate falls in USA.

General growth properties bankruptcy comes after having over $25 billion in debt, and the final blown was given due to the economic recession USA is facing. It caused that many of retailers started leaving the business and shutting down

According to the NY Times:

General Growth’s bankruptcy filing also marks a humbling of the Bucksbaum family, which grew the company from a family grocery business in Marshalltown, Iowa, into a powerhouse of retail shopping in the Midwest. The family still holds about a 25 percent stake in the company, and John Bucksbaum, an avid cyclist, remains its chairman after having served as its chief executive.

This entry was posted on Thursday, April 16th, 2009 at 5:31 am and is filed under Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.