Posted September 24, 2018 12:32:33After years of running a successful business, a company known for its innovative products and its passion for giving back to its community is going into bankruptcy.
Mall of America is in a similar situation as other businesses that have gone through the foreclosure crisis, with the company struggling to make ends meet.
While Mall of Canada is now in a much better financial position than Mall of North America, the company’s financial troubles and the closure of its flagship mall in Toronto, Toronto’s flagship mall is no less troubling for the millions of Canadians that visit it each year.
The Toronto mall, located in the city’s core, has been a key source of tourist revenue for decades.
According to the Toronto Star, the mall’s annual operating profit was $1.1 billion in 2017.
In addition to being the home of the mall, the area is also home to numerous restaurants and other retail outlets.
But in 2017, a devastating fire destroyed the mall and forced the closure.
“I am in a very dark place right now,” Mall of Americas CEO Rob Scott told the Toronto Sun in an interview earlier this year.
“I’m not sure what the future holds for this company, and the fate of my company.”
The mall has seen its share of troubles, too.
Last summer, the Toronto mayor said that the mall could lose up to $1 billion of annual revenue.
However, the mayor’s comments have been disputed by mall officials, who say that the loss would be significantly less than the $2.2 billion that the company has estimated the loss could be.
Scott told the Star that Mall of Commerce was working on a contingency plan for the mall if the fire occurred again, but he wouldn’t confirm the plans at the time.
And while the mall is still in the midst of renovations to a new mall in the heart of downtown Toronto, it appears that the city is no longer a priority for the company.
Earlier this month, the city of Toronto filed a petition with the Ontario Securities Commission to seek a court order to prevent Mall of AMERICA from using $8 billion in proceeds from the sale of the property for a new, $100 million mall.
There is no indication yet that the bankruptcy proceedings will lead to any change in that request.
If the city has an opportunity to seize Mall of Ameritc money in order to rebuild the mall in a more appropriate location, the City of Toronto would likely refuse the request, according to the Globe and Mail.
For now, Mall ofAmerica has continued to sell off its merchandise at discount prices and at a discount price to those who visit the mall.
In the past, that was a successful strategy.
A mall is a great place to get away from it all.
What would you like to see in 2018?
Leave your thoughts in the comments section below.
Follow @VirtuallyReal on Twitter and like the Virtual Real Facebook Page to keep up with the latest news, updates and specials.