Fort Wayne mall safe despite owner's struggles

By Jenni Glenn, The Journal Gazette

jglenn@jg.net

Glenbrook Square's owner is teetering on the verge of bankruptcy, but retail experts say the Fort Wayne mall probably will keep its doors open.

If owner General Growth Properties declares bankruptcy, Glenbrook would likely be sold and continue to operate under a new owner, said Richard Feinberg, a retail management professor at Purdue University. Glenbrook, marketed at a bargain price, he said, could be attractive to some private-equity firms or mall investors with capital. Only older malls with many vacancies would be likely to close, he said.