Power Breakfast: Greenbriar Mall averts foreclosure, flight cancelations, GE, pensions, pay raises

There’s good news on the retail front today.

AJC staffer Rachel Tobin Ramos is reporting that Greenbriar Mall in southwest Atlanta has avoided foreclosure.

New foreign investors plan to invest significant capital in the aging shopping center and the movie theater reopens this month, Ramos writes.

The news comes after months of setbacks, including a smash-and-grab robbery in December, closure of the AMC-owned Magic Johnson 12-plex in October and foreclosure notices filed over the last several months.

“We’re pleased by this outcome and we are excited that Greenbriar Mall will be able to continue to serve its community,” said mall co-owner Charlie Hendon with Hendon Properties.

Revolution Cinemas will reopen the former AMC Theater, and Super Beauty Depot will open in the former Circuit City building, Ramos reports. Both tenants are scheduled to open this month, Hendon said.

A foreign investor retired the bank loan on the mall and removed any potential for foreclosure, Hendon added. The investors, who wish to remain private, also will supply funds for significant capital improvements to the mall over the next few months, he said.

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