Major Mall Owner Files For Bankruptcy

The future of Beachwood Place Mall an uncertainty after its owner, General Growth Properties, filed for bankruptcy protection Thursday morning.

General Growth Properties is touted as one of the largest mall operators in the nation and tried to avoid bankruptcy for months by bargaining with creditors.

The company is more than $25B in debt.

According to the New York Times, the filing by the Chicago-based company, made in federal bankruptcy court in Manhattan, included most of the company's malls, which will continue to operate.

General Growth's reorganization efforts will likely focus on selling off properties. It has already suspended its stock dividend, cut its workforce by 20% and stopped virtually all new development.