Who owns Town Center mall? Building set to reopen after management’s unpaid bills prompts power shut down

Town Center Mall, located in Cobb, is scheduled to reopen this Wednesday at 11 a.m. after it was closed down and its power cut off due to unpaid bills.

An official statement claims that the mall was shut down “until further notice...due to unforeseen circumstances". As reported by WSB-TV 2, Channel 2 Cobb County Bureau Chief Michele Newell was just one of many to head to the mall, only to be greeted with a sign that said the mall was closed. However, Georgia Power confirmed to 11Alive that this was due to the electricity being cut off.

Cox Property Group reports that the Town Center Mall is owned by New York-based Kohan Retail Investment Group. They acquired the property just this past August.

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Here's everything we know about the foreclosure of Town Center Mall

11Alive has reported that the company confirmed that while they were trying to cooperate with the mall management for several months, they could not hold off on the late payments of the “highly delinquent” bills any longer. They also noted that cutting off the power supply to the mall was a “last resort.”

Nonetheless, the mall issued a formal notice on its website that confirmed it would be reopening its doors:

"We will reopen at 11 a.m. Wednesday. We appreciate your patience and look forward to seeing you."

The mall, which boasts Macy’s, Belk, and JCPenney’s as three of its major anchor stores, will see some of its stores remain open. This is because they pay their own utility bills. However, the doors connecting the stores to the rest of the mall were closed off.

Officials at Georgia Power stated that all of the mall management and tenants were given letters about the imminent closure. WSB-TV 2 News released the following statement on behalf of the agency:

"We work with Georgia Power customers every day to address past due bills and make payment arrangements to avoid disconnection, which is always a last resort for our company. In this case, we’ve tried to work with Town Center Mall for many months and have provided numerous solutions to assist them in avoiding disconnection. Unfortunately, any customer that is highly delinquent in paying their bills ultimately has a negative impact for all of our customers so, while we will continue to work with the customer and are hopeful a payment will be made, we can no longer continue to extend the grace period. We provided advance notice regarding this disconnection to mall management, as well as tenants, by delivering letters in person and placing signage onsite. We also made key community leaders aware."

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At the time of writing, it remains unclear why the Town Center Mall was behind on their payments.