Saturday, May 20, 2017

Will Colorado Mills close?

Colorado Mills in Golden was damaged badly in a hailstorm about 10 days ago.  However, it should have re-opened shortly thereafter.  The fact that it is still closed is leading to rumors that it may close for good and the owners are just using the hailstorm as an excuse.

The mall in Lakewood remains closed since a hailstorm badly damaged the property 10 days ago. Simon Property Group has provided few details to tenants or the public. Super Target, which owns its building attached to the mall, is doing pretty well. It's still free of that meddlesome parking lot rock, its doors are open to customers. The store was closed for eight hours because of the storm.
http://www.9news.com/news/local/next/colorado-mills-closure-means-lakewood-could-lose-350000-a-month-in-taxes/441019263

Paola Amado, who manages Elegance Perfumes, told 9NEWS she hasn’t received any communication from Colorado Mills or Simon about when the mall might re-open. “This is the most frustrating part of all. We have no idea,” Amado said. “I know they’re working their best. They have no answers; the management says they don’t know.” She’s a partial owner and the manager on site, so she can’t imagine she’d be left out of the loop if the mall was sending out emails. Amado’s heard different timelines from other store employees, mall employees and contractors working inside the mall. The estimates range from two to six months. “They’re tearing apart the floor… everything is shut down. There’s no electricity,” Amado said. “Everything looks damaged.” So, she believes it’s possible repairs could take six months or more.
http://www.9news.com/news/local/verify/verify-when-will-the-colorado-mills-mall-re-open/440617903

The Colorado Mills Mall set up a website for store owners and employees. In a memo posted on that website, it says the mall doesn't expect to open before November. The memo goes on to say the rain ruined electrical systems, mechanical systems and common spaces. The entire roof of the mall needs to be replaced.
  http://kdvr.com/2017/05/19/colorado-mills-mall-store-owner-says-with-extensive-damage-november-re-open-date-makes-sense/

All of the inventory in the mall will be damaged or obsolete, so just the restocking costs will be huge.  All of the stores will suffer huge financial losses.  Insurance will probably not cover everything.  I think this may be the end.

No comments:

Post a Comment