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Hanes Mall & Friendly Center ownership files for bankruptcy

myDeaconmyhand

myDeaconmyhand

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"CBL said that "customers, tenants and partners can expect business as usual at all of CBL’s owned and managed properties."

Tony Plath, a retired finance professor at UNC Charlotte, said the agreement between the unsecured creditors and management "is an attempt to gain a little negotiating leverage against the secured creditors in an attempt to bring them to the negotiating table."

The announcement of the planned bankruptcy plans comes the day after CBL reported an $81.4 million loss for the second quarter, compared with a $35 million loss a year ago."
 
Man, this smacks of the talk I've heard of lenders being overly stingy on loans because of the low interest rates. I heard the fed opened the floodgates on money, but the banks haven't been approving loans, so it isn't trickling down.
 
I dunno if that’s the case (banks being stingy) but if it is, I mean would you lend money to a suburban mall? Even pre-pandemic?
 
Counterpoint: it’s a strip mall in suburban GREENSBORO

And Hanes mall has sucked since the 90s.
 
CBL owns dozens of mall properties across the country. Friendly Center being packed all the time is not something that's going to keep them out of bankruptcy.
 
Paul Hogan said:
CBL owns dozens of mall properties across the country. Friendly Center being packed all the time is not something that's going to keep them out of bankruptcy.
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I'm on board. I'm just responding to the assertion that all malls are money black holes. I agree that the giant box malls are doomed, but the open air malls still thrive in the South.

I think it's mostly due to the fact that there isn't a "food court." People go to the open air malls for the various restaurants, stay for the shopping.
 
Had to go to the Apple Store in GSO over the summer to get my phone battery replaced and Friendly Center seemed fairly packed. Its open air, and has a bunch of variety, so it should be fine long term.

Hanes Mall needs to be drastically transformed. They did open a Dave and Busters and were putting in a WF Health Clinic in two of the old department stores right before the pandemic hit. That being said it might be better for all parties involved if they just bulldozed the thing and restarted. On the rare occasion I have to go over there I want to leave the moment I walk in.
 
BillBrasky said:
Had to go to the Apple Store in GSO over the summer to get my phone battery replaced and Friendly Center seemed fairly packed. Its open air, and has a bunch of variety, so it should be fine long term.

Hanes Mall needs to be drastically transformed. They did open a Dave and Busters and were putting in a WF Health Clinic in two of the old department stores right before the pandemic hit. That being said it might be better for all parties involved if they just bulldozed the thing and restarted. On the rare occasion I have to go over there I want to leave the moment I walk in.
Click to expand...

Friendly Center is going to be just fine. It stays busy and is literally right next door to multiple affluent neighborhoods.
 
BillBrasky said:
Had to go to the Apple Store in GSO over the summer to get my phone battery replaced and Friendly Center seemed fairly packed. Its open air, and has a bunch of variety, so it should be fine long term.

Hanes Mall needs to be drastically transformed. They did open a Dave and Busters and were putting in a WF Health Clinic in two of the old department stores right before the pandemic hit. That being said it might be better for all parties involved if they just bulldozed the thing and restarted. On the rare occasion I have to go over there I want to leave the moment I walk in.
Click to expand...

The health clinic is going in just so the hospital can own the land. The anchor department stores own their parking lots all the way to road. That’s the value there. I can’t imagine Hanes Mall lasts another decade. It might get converted to an office park.
 
Donkey Deac Doug said:
I'm on board. I'm just responding to the assertion that all malls are money black holes. I agree that the giant box malls are doomed, but the open air malls still thrive in the South.

I think it's mostly due to the fact that there isn't a "food court." People go to the open air malls for the various restaurants, stay for the shopping.
Click to expand...

Hanes Mall used to have an Orange Julius.
 
Deacfreak07 said:
The health clinic is going in just so the hospital can own the land. The anchor department stores own their parking lots all the way to road. That’s the value there. I can’t imagine Hanes Mall lasts another decade. It might get converted to an office park.
Click to expand...

Truliant moving into Macy's definitely starting that trend.
 
As of 1990, I went to Hanes Mall for the first time ever and thought, "it can't be a good sign for this mall that you have to walk through a damn JC Penney to get from one end of the mall to the other." At least make it a Belk or a Macys or something.
 
I feel like the adaptability of something like Hanes Mall is virtually nil

gotta raze it
 
JuiceCrewAllStar said:
I feel like the adaptability of something like Hanes Mall is virtually nil

gotta raze it
Click to expand...

Pretty much. A lot of traditional enclosed malls are trying to pivot and they almost all seem to be temporary measures that end up with fully redeveloping the real estate. Duke bought the Macy’s building at Northgate in Durham a few years ago and used it as temporary space while they finalized plans to tear it down and rebuild brand new clinic and office space there. It’s pretty much inevitable for these suburban malls at this point.
 
I thought amazon was going to turn malls into fulfillment centers.
 
pre-pandemic I wondered if malls couldn't convert empty wings into hotel/entertainment locations like Great Wolf Lodge. Bowling, IMAX, that kinda shit. Things that people cant buy on the internet.
 
DeacDaddy said:
I thought amazon was going to turn malls into fulfillment centers.
Click to expand...

warehousing is one adaptive reuse that might actually work

another I've seen work for big box stores (but less full shopping malls) is those indoor gyms for kids birthdays (like what mdmh is talking about)
 
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