The Mills Corporation will be closing its doors.
A Chevy Chase-based developer, owner and manager of retail destinations, The Mills Corp. announced Tuesday it will dissolve and liquidate its assets as of Aug. 1. Despite the liquidation, Mills announced it will maintain and continue its business operations through a subsidiary known as The Mills Limited Partnerships, a release stated.
Overseeing many shopping and retail centers in the region, The Mills Corp. is the owner of Marley Station in Glen Burnie, Arundel Mills in Hanover and Lakeforest Mall in Gaithersburg.
As a result of the liquidation, shareholders are eligible to be reimbursed for their stake of ownership in the company.
Series B and C stockholders are eligible to receive $2.75 per share, including $2.25 of accrued unpaid dividends, series E shareholders may get $27.19 per share, series F shareholders may receive $1,067.50 per share and series G shareholders will be reimbursed for $2,696.88 per share.
On Tuesday, shares of Mills were trading at $25.28, unchanged for the day.
The decision to dissolve the company is the latest in a downward spiral for the firm, which terminated 63 headquartered jobs in March.
Earlier in the year, the company had been a hot commodity as several asset-management groups vied for control of the business. In February, Mills terminated a $1.35 billion merger with Brookfield Asset Manager, and opted to go with a $1.6 billion joint offer from Simon Property Group Inc. and Farallon Capital Management LLC.
“The Mills portfolio of assets is an excellent strategic fit with our existing retail platforms and presents a compelling opportunity for SPG?s stockholders and Farallon investors,” David Simon, chief executive officer of SPG, said in a statement.
Following the acquisition, both Mills? chief financial officer and chief executive officer were terminated in early May.
According to an Associated Press story earlier in the year, Mills also was being investigated by the Securities and Exchange Commission for accounting mistakes that dated back to 2001.
