Malls across the US are struggling, while others are closing their doors.
The retail industry’s struggles just hit a new low with the sale of one of the largest malls in Pennsylvania, the Galleria at Pittsburgh Mills. The mall sold on Wednesday for only $100.
Wells Fargo won the bid on the property one year after it foreclosed on the mall. Wells Fargo bought the mall from itself in a credit bid to give the bank more control of the sale of the foreclosed property.
The mall's value has plummeted in recent years. According to The Street, the 1.1 million square-foot property was once valued at $190 million, but recently was appraised at just $11 million.
Full report here.