The operation of Branson’s largest shopping attraction, Branson Landing, will not be effected by what is being described as one of the largest commercial real estate failures in history. General Growth Properties Inc. (NYSE: GGP), one of the largest shopping mall owners in the country, filed for bankruptcy protection under Chapter 11 of the federal bankruptcy code earlier this week. Although GGP owns three shopping malls in Missouri, Branson Landing is not one of them.
In a July 2008 press release, HCW Development Company, LLC (HCW) announced that it had contracted with GGP for the leasing, management, and marketing services for Branson Landing to become effective August 1 of that year. The press release contained no mention of a legal entity called General Growth Management Inc. (GGMI.)
In a “Media Alert,” published by GGP on April 16 relative to its bankruptcy filing, GGP said, “Branson Landing in Branson, Mo. is managed by General Growth Management Inc. and is not owned by GGP. GGMI did not file for Chapter 11 protection, meaning that operations at the shopping center are not impacted by GGP’s filing.”
It went on to state, “GGMI third party management responsibilities continue uninterrupted at Branson Landing. Branson Landing, like GGP owned malls elsewhere in Missouri, will remain open with the same great shopping and entertainment that customers have come to expect.” The media alert contained no additional information about GGMI or its relationship to either GGP or Branson Landing.
