Banks to grab Atlantic City's glitzy, deadbeat Pier Shops: report

Gucci, Tiffany, Buddakan, Phillips Seafood, and a cool address - One Atlantic Ocean - didn't save Atlantic City's glitzy four-year-old Pier Shops at Caesars mall.

"Taubman Centers Inc., one of the nation's leading mall developers, is preparing to hand over the keys to lenders headed by Bank of America Corp. after defaulting on a $135 million loan for The Pier" a year ago, says the Atlantic City Press here.

"Taubman, now estimating the mall is worth just $52 million in the fragile economy, expects the lender takeover to be complete this year."

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