Operator of Kenwood, Florence Malls may be in trouble

CHICAGO, IL (FOX19) - Two local malls may be in trouble after their owner faces dire debt.

General Growth Properties Inc. shares have plummeted after the mall owner warned it faces solvency trouble and may be forced to file for bankruptcy if it can't refinance or extend nearly $1 billion in debt due next month.

General Growth based in Chicago and operates 24,000 retail stores and anchor department stores. The company operates both the Florence Mall and the Kenwood Towne Center.

The real estate investment trust also disclosed in a regulatory filing late Monday that it may default on certain debt obligations.

General Growth shares fell 92 cents, or 67 percent, to 45 cents per share in mid-afternoon trading Tuesday.

The Associated Press contributed to this report.