Suburban Detroit’s Lakeside Mall, with mid-range stores such as Sears, Bath & Body Works and Kay Jewelers, is one of the hundreds of retail centers across the U.S. being buffeted by the rise of e-commerce. After a $144 million loan on the property came due this month, owner General Growth Properties Inc. didn’t make the payment.
default by the second-biggest U.S. mall owner may be a harbinger of
trouble nationwide as a wave of debt from the last decade’s borrowing
binge comes due for shopping centers.. . . more