The New York Times reports: General Growth Properties Files for Bankruptcy
General Growth Properties, one of the largest mall operators in the nation, filed for bankruptcy early Thursday morning in one of the biggest commercial real estate collapses in United States history.
Founded in 1954 and expanded through a series of acquisitions — topped by a $12.6 billion deal for the Rouse Company in 2004 — the company has a huge retail presence that has served as a barometer for the troubles bedeviling the American retail market.
“Our operational model is sound,” Thomas H. Nolan Jr., the company’s president and chief operating officer, said on a conference call early Thursday morning.
Clearly, so "sound" that you went bankrupt.
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