In 2009, GGP Retail LLC, one of the nation’s premier mall developers, filed for Chapter 11. The value of its 125 regional malls made it one of the largest bankruptcies in history.
The next year, GGP Retail LLC was acquired for $2.6bn by another mall mammoth – Brookfield Properties – and the GGP brand faded from the retail scene. This week, however, GGP has been resurrected.
Brookfield has announced that the more than 100 malls it acquired from the Bucksbaum brothers of Cedar Rapids, Iowa, will be rechristened under the GGP name.
“We are returning to our roots,” said Kevin McCrain, CEO of GGP. “Operating GGP as a subsidiary of Brookfield allows us to have our own brand focused on the needs of our retail partners, customers and communities.”
McCrain emphasised that there will be no changes to day-to-day business operations in the newly renamed division. He noted that the existing team will continue in their roles and maintain their commitment to delivering exceptional experiences for GGP’s tenants, shoppers and communities.
“As one of the few operators in the US able to curate today’s vibrant retail properties, we will focus on what we do best,” McCrain said. “I am proud to work alongside a team of experts who set the industry standard and look forward this new chapter in our business.”
