In August 2002, shareholders voted to liquidate Malan's assets. The company has been selling properties ever since, but still owns 19 retail centers in seven states with an aggregate of about 1.2 million sf of space.

At the close of business Aug. 27, each shareholder of Malan will automatically become the holder of one unit of beneficial interest in the trust for each share of Malan common stock, and all outstanding shares of Malan common stock will automatically be cancelled. "Since announcing the intent to form a liquidating trust, we have advised shareholders concerned about liquidity to consider selling their common shares prior to the cessation of trading," says Jeffery Lewis, president and chief executive officer of Malan. "With that date now set, our shareholders have the choice of selling at the market price or holding their units and thereby receive liquidating distributions in the future. We expect the process of liquidating the trust of the last of its assets could take as long as two years. Malan is in the process of establishing a website and investor services desk that will be dedicated to keeping the unit holders informed of the company's activities as we complete the liquidation."

Lewis says Malan would provide details on the planned new website within the next few weeks.