Atlantic City’s high-end shopping mall is going on the auction block Friday and the outcome could affect the future of the luxury oasis.
The Pier Shops at Caesars opened on the boardwalk in 2006. There were high hopes for the landmark, but the recession crushed those plans and the owner eventually defaulted on the mortgage.
Several stores in the mall, which is not owned nor operated by Caesar’s, are already in the process of closing. Steve Madden is scheduled to shut its doors this weekend and Mac Cosmetics is set to close in November.
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Two restaurants -- that once called the Pier home -- have been closed since Labor Day weekend.
The remaining retailers are hoping the foreclosure sale will bring a new owner and new ideas that can save the entire mall from closing.