Mall At Steamtown Auction Postponed To Allow Bidders More Time

An auction for the foreclosed and still struggling Mall at Steamtown was postponed three weeks to give potential bidders more time to prepare bids, an agent involved in the upcoming online auction said.

The failure of retired department store chain owner Al Boscov’s past partnership to pay off the loan that led to the foreclosure does not disqualify him from bidding or being part of a bid, said Lynn DeMarco, contact agent for the Shopping Center Group LLC of New York City, which is facilitating the auction along with auction.com.

“This is an open auction, so anybody can bid,” Ms. DeMarco said Tuesday.

The auction, originally scheduled for Monday through today, was postponed to June 22 to 24. Bidding requires proof that bidders are viable and can come up with the money to fulfill their bids. Bidders will submit bids through the auction.com website in a fashion similar to an eBay auction. Bidders can see the highest bid as the auction unfolds. When the deadline for bids passes, the high bidder gets the mall, assuming the bidder has the money, Ms. DeMarco said.

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http://thetimes-tribune.com/news/mall-at-steamtown-auction-postponed-to-allow-bidders-more-time-1.1892390

Grass-Roots Effort For A Marketplace In The Mall At Steamtown Continues

SCRANTON, PA — The idea of a Reading Terminal Market marketplace in the Mall at Steamtown is gaining momentum.

The concept to create a marketplace in a portion of the mall began nearly two months ago as brothers, Michael and George Boyd, both of Scranton, started a Facebook page to gauge public’s interest to save their city’s retail hub.

Thousands in Lackawanna and Luzerne counties have weighed in on the idea. Last month, the Boyd brothers said the positive responses were “overwhelming.”

Today the Facebook page, Reading Terminal Market at the Mall at Steamtown, has more than 5,800 “Likes” and is getting people talking about how to revive the mall.

Read more: http://www.timesleader.com/news/business-local-news/152278963/

Mall At Steamtown Battles For Survival

Map of Pennsylvania highlighting Lackawanna County (Photo credit: Wikipedia)

As Bon-Ton reported it will vacate the Mall at Steamtown in January, department store magnate Al Boscov admits the shopping complex is battling for its existence.

“I am trying to figure out ways that we can survive,” said Boscov, who developed the $101 million Lackawanna Avenue complex and is a principal in the group that owns the facility.

Bon-Ton reported it will close its 100,000-square-foot store in the mall before its lease expires Jan. 31. Spokeswoman Mary Kerr said it probably will cease operations between Jan. 26 and Jan. 29.

“It’s sad. It’s certainly something that we don’t want to do,” Kerr said. “We do have to make these hard decisions at times.”

Read more: http://citizensvoice.com/news/mall-at-steamtown-battles-for-survival-1.1570580

Coventry Mall Sold At Auction, Will Remain Open

Map of Pennsylvania highlighting Chester County (Photo credit: Wikipedia)

NORTH COVENTRY TOWNSHIP, PA — The Coventry Mall was sold Thursday at auction for $49.5 million to U.S. Bank National Association, as Trustee, pending judicial approval of the proceeding.

An attorney for the bank was the lone bidder in the auction of the property.

The mall has remained open throughout the process and will continue normal operations, according to William Ritterling, general manager of Coventry Mall.

The auction, which lasted less than 15 minutes, attracted about 10 onlookers and was conducted outside the mall in front of the empty Sears store.

Read more: http://www.pottsmerc.com/business/20130919/coventry-mall-sold-at-auction-will-remain-open