Marktplatz Owners Declare Bankruptcy 26 Oct 11

The company that owns the north half of the Marktplatz Mall in New Ulm has declared bankruptcy. New Ulm Retail and Development LLC is a group of California real estate investors who purchased part of the downtown New Ulm mall in late 2008. Last week the company filed for Chapter 11 bankruptcy protection in St. Paul. It’s assets currently total about $1.8 million, and liabilities $1.2 million. Chapter 11 provides protection from creditors while the business is reorganized. New Ulm Retail and Development LLC is a separate entity from the New Ulm Retail Development Corporation, which is a local business. The rest of the 23-year-old Marktplatz Mall is owned by Randy Danielson, who also owns George’s Ballroom in New Ulm. Mall anchor Herbergers has a lease through the year 2014.