Friday, December 23, 2011

Dozen Businesses Face The Boot Despite Never Having Missed Lease Payments As Landlord Stiffed Lender, Allowing Mall To Fall To Foreclosure

In St. Peters, Missouri, KMOV-TV Channel 4 reports:

  • Several St. Charles County business owners are feeling the wrath of foreclosure despite never falling behind on their payments.

  • Twelve businesses, located in the Golden Triangle Centre mall in St. Peters, received a letter on November 28 stating they have to be out of their store lots by the end of this year. If the businesses fail to comply, a lawsuit will be filed against the store owners.

  • The businesses are being forced out because the previous owner was foreclosed on by Providence Bank. “We were devastated,” Dawn Libbert, business owner, said. “We thought that this might happen. All summer long there was a suspicion this could be, but when you officially find out…it’s devastating.”

  • Some of the business owners were interested in purchasing the shopping plaza, but claim no one at the bank would listen to their plan. Some believe the reason might be because a CVS Pharmacy will be coming to the plaza.

  • A City of St. Peters official told News 4’s Brian Feldman that it cannot do anything because it is a private transaction and the president of Providence Bank was out of the office and unable to comment.

Source: St. Charles County businesses foreclosed because of previous owner.

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