According to MetroNews, the financially struggling Charleston Town Center Mall has been placed in receivership.

 

Under a settlement okayed by Kanawha County Circuit Judge Joanna Tabit Friday, the national real estate firm CBRE Group will take the day-to-day operation and management from the mall’s owners, Forest City Enterprises

 

“Beginning midnight on Sunday (yesterday) they will take over operation of the Town Center,” Charleston City Attorney Paul Ellis told reporters after Friday’s hearing.

 

The mall owners defaulted on the $93 million owed on a loan from U.S. Bank Association. The bank filed a lawsuit to put the mall into receivership. The parties agreed to a settlement before Friday’s court hearing. Judge Tabit signed off on the deal and also agreed to allow the City of Charleston and the Charleston Urban Renewal Authority to become full parties in the lawsuit.

 

Click HERE for the rest of the report.