The store has been a fixture in the mall since it opened in 1981. Private-equity firm Sun Capital Partners Inc. bought the company in 2007.
No final closing dates were mentioned in the articles, but the store plans to sell off its assets after it officially files for bankruptcy.
Regency Mall has struggled in recent years with the closing of both Sears and JC Penney last year and wrestling with a vacancy rate well north of 25 percent. The mall has had some good news, though; Dunham Sports took over the former Sears space, and three stores – Ross Dress for Less, Party City, and Joann Fabrics – took up residence at the end of the mall where JC Penney was located.
CBL & Associates, parent company of the Regency Mall, finalized its real estate deal with Hull Property Group of Augusta, GA, for $32.25 million on Dec. 19.
The real estate deal was announced in October, but the transaction was finalized on Dec. 19. CBL & Associates owned both properties.
Racine Joint Venture II LLC sold a 36-acre parcel located at 5326 Durand Ave. for $7.5 million and Regency Mall, a 7.4-acre parcel at 5538 Durand Ave., for $2.1 million to Racine Mall LLC. Hull Property Group owns Racine Mall LLC. The sales were for the building and land only.
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