PORTLAND -- The economic future does not look bright for several shopping malls in Oregon and Washington.

General Growth Properties, the company that owns Pioneer Place, the Clackamas Town Center, the Salem Center and several other malls, is having trouble paying nearly a billion dollars worth of debt.

A U.S. Securities and Exchange Commission report said the company, based out of Chicago, "may not be able to refinance or repay our substantial indebtedness, which could have a materially adverse affect on our business, financial condition, results of operations and common stock price.”

And given the expected economic conditions, the report said, there was a significantly increased risk that the sales of stores operating in our centers will decrease, negatively affecting their ability to make minimum rent payments and increasing the risk of tenant bankruptcies.

“These circumstances negatively affect our revenues and available cash, and also reduce the value of our properties, reducing the likelihood that we would be able to sell such properties, on attractive terms or at all,” the SEC report said.

It went onto to say, “We have a substantial amount of debt which we may not be able to refinance or repay. As of September 30, 2008, we have approximately $1.13 billion and $3.07 billion in debt maturing in 2008 and 2009, respectively. Due to the continued weakness in the credit markets, there can be no assurance that we will be able to refinance this debt on acceptable terms or otherwise.”

The company has until December 1st to pay off its debt and General Growth Properties’ reports show it is also considering selling some properties or filing for Chapter 11 bankruptcy.

This announcement comes the same day layoffs at two more local businesses were announced. Evrez Steel said Wednesday that it planned to lay off 130 workers.

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Sagging attendance at the Oregon Museum of Science and Industry has the museum cutting cost by ten percent, said president Nancy Stueber. Wednesday, twenty employees at OMSI learned they were losing their jobs.

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"We have provided severance packages and outplacement support for all of them, but our goal is that we are successful and things turn around and we can bring them back because they are terrific people,” said Stueber.