American Eagle quits mallStaff Report | January 22,2013The Diamond Run Mall has lost another major retailer.
American Eagle Outfitters closed its store Monday after a dozen years at the mall.
“The mall has a low occupancy rate of 60 percent and per our current strategy plan, we seek to return great results to our shareholders and one of those ways is to re-evaluate our store footprint,” company spokeswoman Iris Yen said in an email. “We look at closing/moving stores in underperforming locations.”
The 19-year-old mall has seen a steady decline in business as one retailer after another has abandoned the area’s only indoor shopping center.
Mall owner, Gemini Real Estate Advisors, is surrendering ownership of the property to its major creditor, an investment trust.
Gemini purchased the mall in 2007 from Zamias Services, which was recently hired to oversee management of the 400,000 square-foot mall.
American Eagle operates two other stores in Vermont, one on Church Street in Burlington and one in the University Mall in South Burlington.
- Most Popular
- Most Emailed
- TODAY'S WEATHER MINUTE: Rutland Herald content editor Rich Alcott shares local weather information and easily digestible news tidbits: When all the big mammals are rubbed out and a faint geologic memory, rats the size of human beings will stalk the Earth.
- TOMORROW'S HEADLINES TODAY: National survey ranks Vermont kids' well-being in second place, Springfield takes up anti-loitering ordinance, Rutland debate taxis, Fair Haven woman is arrested in Rutland for prostitution.
- TODAY'S WEATHER MINUTE: Rutland Herald content editor Rich Alcott shares local weather and news: Research scientists say schizophrenia and marijuana use linked. Are marijuana smokers schizophrenic or are schizophrenics more disposed toward marijuana use?
- RICHARD'S POOR ALMANACK: On this day in 365 CE, eastern Mediterranean rocked by high magnitude earthquake and tsunami, in 1865, Davis 'Little Dave' Tutt meets Wild Bill Hickock in Springfield, Mo., to settle differences.
- TODAY'S WEATHER MINUTE: Rutland Herald content editor Rich Alcott shares local weather information and easily digestible news tidbits: Pesticides in soil and ground water are killing not only honey bees and other useful insects, but songbirds as well.
- TOMORROW'S HEADLINES TODAY: Judge issues deposition order in for city police corporal's lawsuit against the department, market for marijuana-laced edibles en fuego in at least two states, West Rutland truck fire consumes all driver's earthly possessions.