J.C. Penny in peril, Sears is sinking. Is this the end of the American shopping mall?
Last Friday sandwich chain Quiznos filed for bankruptcy protection citing high debt loads and heavy completion. Coming just days after a similar filing from pizza chain Sbarro, Quiznos’ bankruptcy was the second half of a one-two gut punch for shopping malls at a time when they’ve never been more vulnerable. A decade ago there were more than 1,100 enclosed shopping malls in the U.S. Since then more than 400 have either been “re-purposed” or closed outright. No new malls have been completed since at least 2009.