The former Westfield mall in San Francisco, now the Emporium Centre, faces an auction due to the owners defaulting on debt amid a difficult retail environment.
Brookfield Properties and Westfield's exit from the North American market significantly impacted the mall after losing anchor tenant Nordstrom, leading to its decline.
As of October 14, the total outstanding debt from the former owners has increased to $625.6 million, which includes penalties and missed payments.
The upcoming auction on November 14 is crucial, as lenders Deutsche Bank AG and JP Morgan Chase will seek to recover some of the debt owed.
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