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Wausau Center mall

Mall owners default on ground lease by missing payment, audit

in News

By Shereen Siewert WAUSAU — The current Wausau Center mall ownership group is in default of its ground lease after failing to make two years of revenue payments and submitting related audits, according to city officials. Wausau Center is largely owned by a Miami-based investment firm, Rialto Capital Management. The former Sears building, however, is…

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City docs: Former Younkers space to become HOM Furniture

in Biz Briefs/News

By Shereen Siewert WAUSAU — City officials on Tuesday will review a plan for HOM Furniture to redevelop the former Younkers store space at Wausau Center in downtown Wausau. A resolution entering into an agreement with HOM Furniture is included in the public information packet for Tuesday’s city council meeting. HOM intends to buy the…

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Reuters: Bon-Ton, parent co. of Younkers, is going out of business

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Bon-Ton Stores Inc, a bankrupt chain of 200 regional department stores, will go out of business after the only bidders competing at the Monday start of its court-supervised auction were liquidators, according to the news agency Reuters. Bon-Ton, which filed for bankruptcy in September, had been working with U.S. mall owners Namdar Realty Group and…

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City, cinema impatient with mall owner

in News

By J.S. Decker Compass Properties LLC is exploring potential for the vacant Sears shell at Wausau Center Mall, encouraging further interest from the furniture store chain and cinema developer whose plans were recently discouraged and delayed. In October, Micon Cinemas of Chippewa Falls withdrew its proposal to build a 10-screen cinema, bar and restaurant complex…

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Claire’s files for bankruptcy

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For decades Claire’s jewelry chain has been a fixture at malls and shopping centers including Wausau Center. But the company is the latest retailer to file for bankruptcy. Claire’s called the filing an attempt to restructure its balance sheet, not its operations. The company, which earned $29 million in profit last year and $1.3 billion…

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Younkers closure could prompt sale of Wausau Center mall

in Investigations/News

By Shereen Siewert WAUSAU — City leaders are encouraging the owners of Wausau Center mall to put the property up for sale, after news broke last week that the mall’s sole remaining anchor store will close. At Tuesday’s economic development committee meeting, Economic Development Director Chris Schock said the Younkers closure could move mall owners…

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Game over: GameStop to close Wausau Center location

in Biz Briefs/News

By Shereen Siewert WAUSAU — The embattled Wausau Center mall is about to lose yet another retailer, as GameStop officials confirm they will shutter the company’s downtown location later this month. The Wausau location is one of 150 GameStop locations to close as part of a “multi-year strategy” first introduced in 2011, according to Joey…

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Younkers owner reportedly in talks with private equity firm

in News

Sycamore Partners, a private equity firm with a reputation for scooping up underperforming retail operations, has held talks with troubled department store chain Bon-Ton Stores Inc. about acquiring some of the company’s assets, according to a Bloomberg report. Bon-Ton is the parent company of Younkers, which is the sole remaining anchor store at Wausau Center…

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City: Downtown theater a no-go

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WAUSAU — Plans for a 10-screen movie theater in downtown Wausau have now fallen apart, according to a news release issued Friday by Mayor Rob Mielke. “Late yesterday, the City received feedback from representatives of the Mall that they had met with MICON Cinemas earlier and that the MICON team is unable to move forward,”…

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Wausau Center sold for $12.8M

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WAUSAU — An undisclosed bidder will pay $12.8 million for Wausau Center mall after a sheriff auction Tuesday morning. An attorney representing an unknown entity was the sole bidder on the property, sheriff’s officials said. A confirmation of sale hearing is set for Aug. 14 at the Marathon County Courthouse, where the bidder will be…

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