Photo: Chaiel Schaffel/WBZ NewsRadio
LOWELL, Mass. (WBZ NewsRadio) — Lowell’s Mill No. 5, a historic textile mill turned mall, is set to close at the end of January because of financial losses.
“The losses at Mill No. 5 are no longer sustainable and have had a direct impact on our family and ability to continue as is,” landlord Jim Lichoulas said in a statement. “Unfortunately, despite everyone’s best efforts, we continue to have a negative cash flow and it is not sustainable beyond January.”
Lichoulas estimates six-figure losses for 2024, and said he will borrow funds to keep the mall open until the end of next month. The site will then be sold to a charter school.
In an Instagram post last week, Mill No. 5 thanked the community for their support and said they were “heartbroken.” Many shoppers commented on the post to say they were crushed by the news.
Meantime, officials tell WBZ NewsRadio the city is trying to help affected businesses find space in downtown Lowell, connecting them with open spaces and potentially paying some of their fees.
Some business owners said the news was disappointing. Doug Brackett, owner of the Purple Carrot Bread Company, said his business started in the mill.
“We know lots of people, personally, that are affected,” he said. "We basically built our whole brand out of there until we were able to expand to a storefront."
Laura Lamarre Anderson, a Lowell native and co-owner of LaLa Books, said shop owners at the mill “have been doing herculean work to create great events and bring people in, so that made this closing such a surprise.”
The historic textile mill first opened its doors alongside the Merrimack River in 1873, and has been a mall since 2013.
WBZ NewsRadio’s Chaiel Schaffel (@CSchaffelWBZ) reports.
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