Walking away: San Francisco mall owner hands property back to bank as exodus continues
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Walking away: San Francisco mall owner hands property back to bank as exodus continues
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Walking away: San Francisco mall owner hands property back to bank as exodus continues
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Re: Walking away: San Francisco mall owner hands property back to bank as exodus continues
UPDATE:
San Francisco loses another large downtown business as city's troubles mountCinemark shuttering San Francisco theater, citing city's 'local business conditions'Cinemark Holdings, Inc. is shuttering its downtown San Francisco theater, becoming the latest major firm to high-tail it out of the troubled California city.
"Cinemark can confirm it has decided to permanently close the Century San Francisco Centre 9 and XD theater shortly before the conclusion of its lease term following a comprehensive review of local business conditions," a spokesperson for the company told FOX Business in a statement.
The theater is located in the Westfield San Francisco Centre, whose owner, shopping center giant Westfield, announced Monday it would be handing the property back to a bank due to "the challenging operating conditions in downtown San Francisco."
The mall remains operational amid the search for a new buyer, but Westfield said prior to Cinemark's announcement the property would only be 55% leased when Nordstrom packs up from the location at the end of August as part of the high-end retailer's recent decision to close both its downtown San Francisco locations due to the "dynamics" of the area.
San Francisco loses another large downtown business as city's troubles mountCinemark shuttering San Francisco theater, citing city's 'local business conditions'Cinemark Holdings, Inc. is shuttering its downtown San Francisco theater, becoming the latest major firm to high-tail it out of the troubled California city.
"Cinemark can confirm it has decided to permanently close the Century San Francisco Centre 9 and XD theater shortly before the conclusion of its lease term following a comprehensive review of local business conditions," a spokesperson for the company told FOX Business in a statement.
The theater is located in the Westfield San Francisco Centre, whose owner, shopping center giant Westfield, announced Monday it would be handing the property back to a bank due to "the challenging operating conditions in downtown San Francisco."
The mall remains operational amid the search for a new buyer, but Westfield said prior to Cinemark's announcement the property would only be 55% leased when Nordstrom packs up from the location at the end of August as part of the high-end retailer's recent decision to close both its downtown San Francisco locations due to the "dynamics" of the area.