A court-appointed receiver is now overseeing the finances and operations of The Outlet Shoppes at Oshkosh.
A Winnebago County judge appointed the receiver from a Texas-based retail real estate firm in connection with a foreclosure lawsuit brought against mall owner BFO Factory Shoppes LLC by Wilmington Trust, National Association, a Buffalo-based financial services firm.
Wilmington Trust claimed BFO Factory Shoppes had not made a mortgage payment since March on the $54.7 million loan it took out in 2015 to finance the Oshkosh mall and several other properties. The foreclosure action demanded the immediate payment of the loan’s outstanding balance of $52 million. BFO Factory Shoppes then decided to turn the Oshkosh mall and properties in Fremont, Ind., and Burlington, Wash., to the court-appointed receiver, Fredrick Meno, president of asset management services for the Woodmont Company in Fort Worth, Texas.
As receiver, Meno is in charge of finding new tenants, collecting rent, making loan payments and other duties associated with operating and maintaining a mall. The receivership order also allows him to negotiate the sale of property if Meno thinks that would be better for Woodmont versus operating the mall.
The coronavirus pandemic caused a temporary shutdown of stores in spring and contributed nationwide to permanent retail closures and struggles by other retailers to pay their rent. Mall retailers who have closed or announced plans to close since March include The Children’s Place, Brooks Brothers, Justice and the Johnny Rockets restaurant.