A judge delivered what is expected to be the death blow to Northland Mall, which opened in 1954 in Southfield.
Fox 2's Maurielle Lue reports that Oakland County Circuit Court Judge Wendy Potts ruled Wednesday in favor of the court-appointed receiver, who had asked the judge's permission to shut the mall down. She said tenants would receive a 30 day notice to get out.
Ashkenazy Acquisition, which bought the mall in 2008, defaulted on a $31 million payment last year, and the mall continued to rack up losses monthly.
"Even if all tenants were current on rent, the income would still fall short of the minimum operating costs," Potts said, according ot Fox. "Neither the the mall's owner nor the mortgage holder, are offering to indefinitely cover the operating and maintenance costs to keep the mall functional. The receiver would have to incur additional debt to maintain it which is not feasible given the enormous debt load. No one has come forward with a reasonable plan for maintaining the mall."
