Friday, April 14, 2006

Sorry, Carol and Mary! From the lead article in today's WSJ concerning Mills Corp., the owner/developer of Sawgrass Mills:

[Mills Corp.'s] recent developments have largely been flops. One in five employees has left or been laid off, including its development director, raising doubts about whether it can finish the projects it hasn't already abandoned. Last month, the Securities and Exchange Commission launched an investigation into its accounting practices. Its stock has plummeted 55% the past eight months. On Wednesday, its lenders forced it to slash dividend payouts and to submit to biweekly financial reports while it readies itself for a likely sale.

However, Sawgrass Mills itself is a very healthy piece of the Mills Corp. empire, reasuringly reports the WSJ.

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