Store closures are having a devastating impact on one of South Dakota’s largest malls.
The Rushmore Mall recently lost both Sears and Herberger’s. Now a bank has filed paperwork to foreclose on the property.
KELOLAND News has been going through court papers and tells us what this could mean to you.
The Rushmore Mall has been a shopping hub since 1979.
After losing two of its four anchor tenants in a matter of months, court papers say the owner – SM Rushmore Mall LLC, could no longer pay back its loan.
The loan dates back to 2006, and was modified in 2014.
According to court papers, all together, the LLC owes more than $102 million. The property is valued at just a fraction of that. The documents say it’s worth somewhere between $36 and $42 million.
With so many big name retailers closing, the Rushmore Mall isn’t the only one falling behind on its bills.
Malls in Michigan, Minnesota and St. Louis are in the same boat. Some are up for auction. Others are being bought by investment firms.