Cherryland Center In T.C. Facing Foreclosure

Another Traverse City shopping center has found itself in financial straights because of the economy. The Cherryland Center on Garfield Road is facing foreclosure, and owes more than $9 million. The property's owner, Schostak Brothers & Co., tells us that the official foreclosure proceedings will take place May 19th. Then they will have six months to try and work out a deal by restructuring loans. The owner stresses that the stores in the mall will not be affected.