Mall owner CBL & Associates Properties Inc filed for court protection from creditors, following some of its biggest tenants into bankruptcy after the pandemic kept consumers at home, forcing many retailers already weakened by e-commerce to quit paying rent
The filing in the Southern District Court of Texas will give the company a chance to keep operating while reorganizing its finances and business It listed estimated assets at about $1 billion to $10 billion, and estimated liabilities at around the same amount
Some of CBL’s biggest renters, including JC Penney Co and Ascena Retail Group Inc have already filed for bankruptcy with plans to close stores Analysts have long predicted a shakeout in malls and strip shopping centers serving less affluent areas, which dominate CBL’s roster
CBL previously warned investors it was in trouble because tenants weren’t paying their rent As of mid-August, the Chattanooga, Tennessee-based company managed 108 properties in 26 states
NYSE:CBL, Chapter 11, Title 11, United States Code, CBL Properties, Finance, Bankruptcy, J C Penney
World news – IN – Mall Owner CBL Properties Files for Bankruptcy in Bid to Survive
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