Vegas Market Center Going Forward, Denies Press Reports on Foreclosure
September 16, 2010,
LAS VEGAS-The World Market Center, the massive trade complex here, has issued a strong response to a published report that said it was in foreclosure, saying it is working out a financial restructuring that will positively position it going forward.
The story, which appeared earlier this week in the Las Vegas Review-Journal Business Press, cited credit and research reports that said the WMC had defaulted on loans totaling $565 million and that it was in foreclosure proceedings.
WMC has, like some of the trade show operators in the home business, been negatively impacted by the downturn in business and rising vacancy rates. Earlier this year, MMPI, the large showroom building owner, defaulted on loans for its High Point, N.C., properties and there are ongoing discussions about resolving those issues. Officials from MMPI, which is owned by the giant real estate operator Vornado, denied a press report that it was for sale or being actively shopped around.
The story in the Las Vegas publication went into some detail on the financial situation of WMC and suggested that its future under current ownership was in question.
The statement from WMC countered that strongly. "For the past year we have been proactively working with our financiers toward a financial structure that gives us flexibility in this economic environment. We have a long-term perspective of World Market Center Las Vegas and a long-term commitment to the home furnishings industry."
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money