OGDEN, Utah (ABC4 News) – Ogden’s Newgate Mall will be auctioned in March. This comes after its owners reportedly defaulted on its loan agreement last Thursday.

The Quilted Bear is located inside of the Ogden Newgate Mall. It’s been here since 1994, for 26 years.

The owner, Darren Dunford says over the years, he’s seen a decline in visitors.

“And hearing about the mall being auctioned is concerning,” says Dunford.

Dunford says about 100 local vendors rent space to sell their products just in his store.

“I have a lot of local vendors who rely on their business here, to help provide income for their families,” says Dunford.

And he worries a new buyer could increase the rent to more than he could afford, or worst case scenario, it could be demolished.

“I think we attract customers here, and so I feel like any new buyers would be smart to want to keep us here,” says Dunford.

He’s hopeful a new buyer could bring improvements.

“I’d love to see mainly some strong tenants brought into the mall, there are some vacancies that are concerning, throughout the mall, if you walk through you’ll see a lot of stores that are closed, lots of space available,” says Dunford.

And with the right ownership, he says Newgate has a lot of potential.

“It’s really impressive what they could do to revitalize and revamp those malls and I think it’s really helped to get those customers back,” says Dunford.

Dunford is hoping whoever gets the highest bid for the Newgate Mall on March 19th, sees the same potential he does.