Interesting news involving Meadowbrook Village, the shopping center on Whiteford Road in Springettsbury Township.
Ultimate Acquisition Partners, which operates Ultimate Electronics, a consumer electronics chain with a store in Meadowbrook Village, filed for Chapter 11 bankruptcy protection last week, Reuters reported. The company listed liabilities and assets of up to $500 million, Reuters reported, citing bankruptcy court documents.
Financial problems have previously beset Meadowbrook Village tenants -- and the shopping center itself.
Circuit City, once the nation's second-largest consumer electronics retailer, operated in Ultimate Electronics' current home before filing for bankruptcy and eventually closing its 500-plus U.S. stores in 2009. Ultimate Electronics opened there in 2010.
Borders, which operates a book store next door to Ultimate Electronics in Meadowbrook Village, is also not doing well, according to published reports. The company "has not turned a profit in four years" and "has been closing stores in an effort to cut costs," the Los Angeles Times reported.
Then there's Meadowbrook Village. Bank of America in 2009 foreclosed on its owner, Meadowbrook Village Limited Partnership, and then formally took the title to the property, according to the York County Sheriff's Office and the local counsel for Bank of America.
The properties there have continued to operate since the sale. It should be interesting, however, to see what impact, if any, Borders' and Ultimate's reported financial problems have on their local stores.
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