10/26/16
by News Department on 10/26/16Sch. Mall claims Chapter 7...
Empire Schuylkill LP, the owner of the Schuylkill Mall, has filed for Chapter 7 bankruptcy.
According to the Republican Herald, the filing was done Monday in United States Bankruptcy Court for the Middle District of Pennsylvania.
A representative with the Sheriff’s Department said Tuesday that the mall was up for sheriff’s sale at 10 a.m. today but has been stayed because of the filing.
The idea was to “minimize disruption” to the customers and tenants and the county as a whole. If the mall was sold at sheriff’s sale, it could bring in less than what it is worth. Having a trustee appointed would also permit the mall to possibly regain some footing and be more of a viable property for sale.
William G. Schwab, bankruptcy trustee, Lehighton, said Tuesday that he expects the U.S. Bankruptcy Court, for the Middle District of Pennsylvania, to grant the order to operate under Chapter 7, which permits the assets, than can be sold to pay debts to creditors.
