Business

America's malls under pressure: CBL, Pennsylvania REIT, file for bankruptcy


Tennessee-based CBL said in August that it had entered into a restructuring support agreement with a group of bondholders in an attempt to try to strengthen its balance sheet.


CBL operates 107 properties, totaling 66.7 million square feet across 26 states, including outlet centers.


Mall owners will face another test this holiday season, which is typically their tenants' busiest time of year.


Shopping centers and malls rank as the most-avoided public places among consumers, according to a survey of 419 people by Coresight Research.


Two mall owners — CBL and Pennsylvania Real Estate Investment Trust — have filed for Chapter 11 bankruptcy protection.


Malls have been pressured by the coronavirus pandemic, with their tenants not paying rent, and dozens of retailers and restaurants filing for bankruptcy protection.






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