CHARLESTON, W.Va. — Charleston Mayor Danny Jones says he’s “concerned, but not worried” about the Charleston Town Center Mall’s decision to default on a multi million dollar loan Friday.
The mall’s operators do not have the money to pay its loan from Wells Fargo, Jones said. The balance on the loan is about $80 million.
“It could be a strategic move. I don’t think Wells Fargo wants to own our mall,” Jones said on Friday’s “580 Live” heard on MetroNews affiliate 580-WCHS.
Jones first confirmed the default on Facebook.
He said he hopes Wells Fargo restructures the mall’s debt.
“The next move belongs to Wells Fargo. What I hope happens — they will try to negotiate and restructure their debt as what happens so often in these kind of business arrangements,” he said.
The mall will continue to operate on a normal schedule, according to Town Center Director of Marketing Lisa McCracken.
Jones is encouraging people to still visit the mall.
“I haven’t reached the point of worry about anything — concerned obviously,” he said. “I think everything will be okay and I hope people continue to shop at the mall, eat at the restaurants and shop at the stores.”
“I’m hopeful we can pull ourselves out of this.”