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Early this morning, General Growth, the massive company that owns the Glendale Galleria and over 200 other shopping centers, declared itself bankrupt. Growth actually seems to be the problem here, at least according to the LA Times: "The real estate investment trust amassed $27 billion in debt during an ill-timed acquisition spree." (Mall-watchers won't be surprised by any of this; the bankruptcy has been expected for months.)
Of course, this doesn't mean the Galleria and its retail cousins across the nation will just dry up and turn into, say, playgrounds for children. Instead, we're about to see a bankruptcy process that will involve General Growth trying to restructure their debts and possibly selling off some of their prized properties—none of which, again according to the LAT, are in Los Angeles.
· Glendale Galleria mall owner General Growth files record bankruptcy [LAT]