US News: Hickory Hollow among country’s most endangered malls
Posted on June 29, 2009 at 4:26 pmRick Newman huddled with research firm Green Street Advisors to gauge the health of the nation’s malls. Among those on the bottom end is Hickory Hollow, where occupancy has fallen 12 points since 2004 and sales per square foot have plunged by more than a quarter.
The first sign of trouble is often the departure of department stores and other anchor tenants, especially if those spaces stay vacant. High-quality, name-brand merchants often follow, with discounters — or nobody — replacing them. Shoppers sense the ennui, and gravitate toward malls that feel more vibrant, which only deepens the distress at troubled properties. By some estimates, about 10 percent of the America’s malls could close within the next few years.
CBL in big stock sale
Posted on June 9, 2009 at 6:31 amThe owner of CoolSprings Galleria, RiverGate Mall and Hickory Hollow Mall plans to sell up to 57.5 million shares (Ticker: CBL) as it continues to rework its capital structure. Separately, the company also said it is making progress on its $560 million unsecured credit line.
Based on the pricing action in pre-marketing trading – the stock is down more than 10 percent – and the offering’s expected discount to current prices, CBL likely will raise about $300 million.
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Mall owner extends credit line
Posted on May 14, 2009 at 1:37 pmChattanooga’s CBL (Ticker: CBL), which owns CoolSprings Galleria, RiverGate Mall and Hickory Hollow Mall, has extended its $105 million facility to June of next year.
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Council member wants stimulus cash for Hickory Hollow
Posted on March 18, 2009 at 2:58 pmSam Coleman says the struggling mall needs the money for an improvement district focused on public safety.
Coleman likened the Hickory Hollow situation to last year’s approval by the Dean administration of a tax-increment financing deal to improve Bellevue Center Mall.
“… Due to the economy, business owners simply do not have money to pay for the additional assessment that would be required to implement the Central Business Improvement District,” his letter stated.
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