Future uncertain for Coronado's owner

ALBUQUERQUE (KRQE) - The owner of four New Mexico malls, including Albuquerque's Coronado Center, has some serious economic worries.

General Growth Properties is the company behind 200 malls across the country.

Financial Media Outlets are reporting widespread uncertainty about the company's future.

The stock has tumbled, and the Wall Street Journal reported that the company is desperately trying to avoid a historic real estate collapse.

"We see a real drop in the economy, and most of all a real uneasiness in everyone's spirit and their anticipation of what is to come," local shopper Gwyn Whitcomb said,

Some local shoppers said that they're worried about what's going on.

"Our concern is this is the mall on this side of town, and as result this is where we shop," local shopper Dennis Whitcomb said.

In a statement released on Friday, General Growth Properties announced it will delay releasing its fourth quarter earnings by two weeks.

Coronado is one of the busiest shopping malls in the state. It's also one of four mall owned by the struggling General Growth Properties.

The Animas Valley Mall in Farmington, the Rio West Mall in Gallup and the North Plains Mall in Clovis are also owned by the company.

The company's stock has tumbled 98 percent over the past 8 months.

The company said in recent news release that it's undergoing a "strategic review of alternatives."

It's unclear what that could mean for the company's malls.

"It really does employ quite a few people and that's the part that really concerns me," local shopper Casey Chavez said.

The President of Albuquerque's Chamber of Commerce, Terri Cole, said bankruptcy protection would be a good option for the company.

Cole thinks it will position the company to make a faster recovery when the economy turns around.

The company has a total debt load of $27 billion, and it has received several extensions to pay off some of that debt.

News 13 was unable to reach General Growth Properties to find out exactly what impact the economic troubles could have on local malls.