IT’S BEEN A tough year for the Argall family, the owners of the Country Village development in Ishpeming. Here’s hoping 2017 will be better. Much better.
What didn’t help was a recent WOTS story indicating that the Magnuson Hotel at Country Village would be auctioned off next month following a foreclosure by a bank. Two sources told us that, and we were unable to contact Country Village officials for reaction.
Well, turns out, the auction and foreclosure have been put on hold, and Country Village and the bank are negotiating again to try to avoid foreclosure. The hotel, in the meantime, of course, continues to operate.
Sure seems like it’s in the best interest of the bank and Country Village to keep it up and operating and in the same hands, if possible. A shut down hotel would only seem to devalue the property.
That’s exactly what seems to have happened with the recent closing of the BP station at Country Village. Another bank took it back from Country Village. Now it’s vacant. Not a good look.
There have been other business closures in the last year which have inevitably led to rumors of further closures. Brad Argall, the vice president of the Country Village corporation, says they are working hard, with the banks and the merchants, to avoid any further upheaval.
He’s convinced Country Village has a bright future. It’s just been going through a difficult transition.
And why all the problems?
The recession didn’t help, of course. And Country Village was probably over-leveraged. Some of the businesses they invested in over the last several years just weren’t making it, and they in turn dragged the others down. Investments, good and bad, can sometimes act like dominoes.
Lotta finger-pointing here. Lotta rumors (WOTS hears them weekly). None of which helps anybody, not the Argalls–who’ve faced the worst of it, not the businesses, not the town of Ishpeming.
That doesn’t mean we stop reporting the news, even when it’s bad. It does mean we should be very careful with our reporting, and yes, hope for a brighter 2017 for Country Village.
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