Washington Prime (WPG) Stock Is Tanking Dramatically: Any Chances For Recovery?

Washington Prime (WPG) stock is trading at $4.84, falling by 4.35% from the previous session. Although the stock grows from $1.96 to $4.84 over the month (+147% gain), the WPG stock demonstrates a (-26%) decline in the year to date.
Washington Prime Group bankruptcy: Mall operator files for Chapter 11After the COVID-19 outbreak prompted it to temporarily shutter several of its nearly 100 retail complexes across the United States, and companies were unable to pay its rent, Washington Prime filed for chapter 11 bankruptcy protection on Sunday.

Due to the coronavirus epidemic in 2020, Washington Prime’s rental revenues fell by around $127 million from its previous year’s levels. When compared to the same period in 2020, Washington Prime’s rental income was down nearly $20 million in the first three months of this year. For the three months ended in March, it had $3.3 million in cash flows from operations, down from $10 million in the same period in 2020.

Jack Dawkins

Finance and Tech Contributor

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