New documents shed light on Illinois Star Centre Finances - WSIL-TV 3 Southern Illinois

New documents shed light on Illinois Star Centre Finances

Posted: Updated:

MARION, Ill. -- New financial records obtained by News 3 show the Illinois Star Centre bleeding tens of thousands of dollars as the mall’s owners look to close most stores later this month. 

The records show that between May 2017 and August 2017 the mall averaged more than $50,000 per month in revenue, and just over $12,000 in expenses, leading to an average profit of nearly $38,000 per month. 

Between July and October this year, the records show revenues have nearly cut in half to about $31,000 per month, with expenses tripling to almost $33,000. This continues a trend where the mall lost more than $90,000 dollars during the first 10 months of this year, all but two of which were in the red. 

Last month the mall owners sent a letter to most stores saying the mall would be closing in mid-December. As part of an ongoing bankruptcy filing, the mall also asked a federal judge to void the remaining leases, saying running the mall is no longer economically feasible.

The records also show that since August 2017, the Illinois Star Centre, LLC, which owns the mall, has gone from having more than $150,000 on hand to just over $20,000.

The mall’s economic future could be even bleaker depending on the outcome of a lawsuit with the city of Marion. The mall owners claim they have been over assessed taxes on the property, and haven’t paid real estate taxes to the city in four years. If it loses the case, the mall could owe more than $1.5 million in back taxes to the city.

Most Popular

Stories
Videos
Slideshows
loading...
Powered by Frankly
All content © Copyright 2000 - 2018 WSIL. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.