Palisades Mall Faces Financial Troubles

By Idy Perl

The owner and manager of the Palisades mall, Pyramid Management Group, has lost control of the mall amidst severe financial troubles and an ongoing foreclosure case. 

On August 12th a judge ordered them to appoint a temporary receiver, who acts as an interim manager and collects the rent from the mall's tenanats in order to try and get the mall back on solid financial ground. Their creditors are still pushing for a full foreclosure and for the mall to be sold so that they can pay the overdue mortgage and other bills. 

It remains to be seen whether the mall will stay in the hands of Pyramid Management Group, or if it will be sold o a new owner.