Update: Owner of Augusta Mall may be headed toward bankruptcy

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By NBC Augusta Staff

Story Published: Nov 12, 2008 at 12:09 PM EDT

Story Updated: Nov 12, 2008 at 6:21 PM EDT

The company that owns Augusta Mall admits it could be on the brink of bankruptcy.

General Growth Properties is the second largest mall operator in the country.

It operates more than 200 malls in 44 states. GGP also owns several large malls in Georgia, including Augusta Mall.

It also runs three malls in the Atlanta area and malls in Columbus, Savannah, Macon and Morrow.

Tuesday, GGP shares fell 66 percent. Its stock price is down 96 percent for the year. During the next year, nearly $4 billion in debt will come due for GGP.

The company says it's been hurt by slowing retail sales and a frozen credit market. If GGP does file for bankruptcy, its malls could be broken up among other mall operators.

The Augusta Mall says it is staying open, despite GGP's financial struggle.

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Tuesday, Nov 18 at 8:25 PM Anonymous wrote ...

Amen! What goes around comes around. How do you like it now Mario!

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Thursday, Nov 13 at 7:30 PM gargle wrote ...

couldn't happen to nicer people....ego kills

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