Mall owners throughout metropolitan Detroit said the closings are a boon, allowing them a chance to bring new life where aging Ward's stores had languished. However, if they lose their bid proposals, they may not have a choice who comes in. All leases will be offered to the highest bidder at the proceedings.
Montgomery Ward announced Dec. 28 that it filed a voluntary petition for relief under Chapter 11 of the Federal Bankruptcy Code in the U.S. Bankruptcy Court. Over the next several months, the company's 250 stores and 10 distribution centers in 30 states are expected to close. Staff reductions in Ward's stores and distribution centers are anticipated during the first and second quarters of 2001, totaling about 28,000 people.
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