The Future of the Freehold Mall
June 10, 2020
As a result of this global pandemic many businesses, especially those in retail, have suffered financially, due to temporary closures mandated by the state. The loss of revenue and piling debt has forced many companies to file bankruptcy and even close store locations permanently. Freehold Raceway Mall is located just off of Route 9 and offers a variety of different stores. It has recently lost one of its major anchor stores and is at risk of many more store closures.
AMC
AMC is currently $4.9 billion in debt. Last month, the cinema company was rumored to be filing Chapter 11. Although AMC is financially at risk, its bankruptcy is not official.
Nordstrom
With sales prices down 40% and stocks down 10%, Nordstrom is experiencing devastating financial losses amidst the current pandemic. Among the 16 closures, one of the locations is in our local mall, Freehold Raceway Mall.
JCPenney
On May 15, JCPenney announced they would be filing for Chapter 11. Within the last decade, the corporation has accumulated over $4.45 billion of debt. The effects of the COVID-19 were the breaking point for this century-old company and will continue to close stores.
During these trying times, we must stay optimistic. The future of Freehold Mall is uncertain, and it may take time to adjust to these changes, however, we can only hope that we will have a place to shop and hang out at after quarantine. Please remember the social distancing rules so our businesses can open back up again.