Cupertino DailyCupertino Square likely to emerge from bankruptcy and be sold
The longest escalator in Cupertino
By Raj Abhyanker, writer
The Cupertino Daily has learned that Cupertino Square (bordering Sunnyvale on Wolfe road), home to our hometown and beloved Cupertino AMC Movie Theater, could emerge from Chapter 11 bankruptcy as early as April 23, 2009. The mall declared bankruptcy in September 2008 when it was about to be foreclosed upon by Gramercy Capital Corp, which loaned the current owners almost $200 million dollars. Reportedly, Gramercy and other creditors are still owed more than $100 million dollars. Given the current state of the retail and commercial housing market, it has been tough times for the Cupertino Square. Apparently, the owners don’t even have money for a real human audio recording when people visit the Cupertino Square website. Rather, a strange and highly digital and pixilated computerized voice welcomes visitors to the Cupertino Square website. Turn your computer speakers and you’ll hear it (W E L C OME … E N J O Y UR S T A Y A T C UPERTINO SQUAR).
Store sales have been weak, and many stores seem to be on the brink of going out of business. The entire bottom level of the mall is largely vacant, with large octagonal spaces throughout the mall in which dry-wall boarded walls surround oddly placed fake trees. Last December, these trees were decorated for the holidays, but now they look terribly drab.
The AMC Movie Theatre at the Cupertino Square continues to be a bright spot. Many Cupertino residents enjoy taking their families to the movies, as do I. It is nice to have a movie theater in the neighborhood. Also, some of the new retail businesses seem to be doing well such as the Coldstone Creamery, the Strike Bowling Alley, and the Yogurt Place near the movie theater. Other than that, the Cupertino Square is sadly not very busy. The new ‘international’ food court, which boasts a cosmopolitan Burger King, a mini-version of the grand German Brewery that was supposed to anchor the mall, and a Popeye’s Chicken, are hardly the culinary sensations that the mall owners must have hoped for.
That being said, I think the current owners have done a much better job than past owners. They have brought us all the things we have been asking for, for a long time except a good bookstore. If you recall, the original artist sketches that dotted different parts of the mall had artist renditions of a bookstore with people sitting and eating in front of it.
The biggest size picture we could find of the former artist's rendition. Can you see the bookstore?
Sadly, that never quite came to be. Other than that, the movie theater has been a highlight, and I for one, as a resident of Cupertino, really hope for the mall’s success. However, just like my campaign for City Council, it’s tough to back a two time loser. Especially when the current tenants such as the bowling alley Strike and invisible tenant Islands Burgers & Drinks (which never quite moved in) are suing the owners….
Tags: amc, bankruptcy, cupertino square, funny
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