The owner of Eastland Mall, which last month signaled it was in trouble as tenants struggled to pay rent during the pandemic, plans to file for bankruptcy as part of a debt restructuring.
It’s hard right now. Central Illinois residents have removed themselves from many of their friends and familiar activities to prevent the spread of the virus. Yet cases are climbing again in McLean County as central Illinois moved from phase 3 to phase 4 of the state's Restore Illinois reopening plan.
The owner of Eastland Mall says it has “substantial doubt” about its future as it’s unable to collect rent from most of its retail tenants that are struggling because of the pandemic.
Four years ago, the big story in the Bloomington-Normal economy was the closure of Mitsubishi’s manufacturing plant and the loss of 1,200 jobs. Some workers got retrained and found new jobs. Others left the area forever.
When a big local retailer like JCPenney or Gordmans closes its doors, it becomes another chapter in the “retail apocalypse” storyline that predicts the end of brick-and-mortar shopping.
