Uncertainty surrounds several large Oviedo Marketplace tenants
As tough economic conditions force many retailers to close stores nationwide, The Oviedo Citizen takes a look at possible retail store closures at the Oviedo Marketplace.
About the Oviedo Marketplace
The Oviedo Marketplace is owned by Chicago-based General Growth Properties (GGP). Earlier this month, GGP said continuing its operations would be in substantial doubt if it could not refinance its short-term debt.
The Anchors
Dillard's in doubt?
While there have been no definitive indications that it is closing, the Dillard's location at the Oviedo Marketplace has been rumored to be closing for months. To add fuel to the rumor mill fire, last month the company said in an SEC filing that it was closing underperforming stores.
Macy's and Sears are in the clear
The parent companies of both Macy's and Sears have not announced any store closings.
The Others
Wall Street analyst warns on FYE
On November 12, an analyst at Morningstar.com said in a report that Albany, N.Y.-based Trans World Entertainment Corp., the parent company of FYE, is "facing an uphill battle" in the coming year.
According to BizJournals.com:
Given the tough retail economy, retailers such as Trans World that sell CDs, DVDs and video games “are facing an uphill battle” and its long-term outlook is “dismal,” according to a report by Matthew Coffina of Morningstar.com.
“The balance sheet is in decent shape ... (but) the company carries significant long-term lease obligations that aren’t reflected on the balance sheet,” Coffina wrote today.
In the article, the company's Chief Financial Officer disputed the report that the company is headed toward bankruptcy:
“No, under no circumstances,” Chief Financial Officer John Sullivan said.
Trans World Entertainment Corp. operates an FYE retail store at the Oviedo Marketplace.
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CITIZEN readers: Are you worried about retail stores closing at the Oviedo Marketplace? Let us know in the comments!
I don't think we'll see any closings until after Christmas.
This is sad. I understand the bad economic times, but seems like something could be done to draw nearby folks into the mall. Everyone seems to go to Waterford Lakes now, which has hurt Oviedo Marketplace. I'm not sure what could be done, but hopefully something will. The Oviedo Marketplace is one of my main spots to go and shop, but evidentally the few who go aren't enough. It's too bad folks are not more content to shop locally and support the area they live in.
Becky
I would rather shop at the Oviedo Marketplace than go to Altamonte or to Seminole Town Center and forget about going to Orlando. The traffic, the hoards of people, its sometimes overwhelming. I hope people in our community will take notice and shop where it is convenient and for the sake of our community.
Katie
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