World News – United States – Westmoreland Mall operator Monroeville Mall files for bankruptcy


NEW YORK (AP) – Two mall operators filed for bankruptcy on Monday, injured by the coronavirus pandemic which has forced their tenants to become permanently shut down stores or not pay any rent

The two companies, CBL – whose properties include Monroeville and Westmoreland malls – and Pennsylvania Real Estate Investment Trust, said their malls will remain open during the bankruptcy process

Even before the virus, malls struggled to attract shoppers who increasingly shop online or elsewhere. But the pandemic has forced many to temporarily close for months Tenants of malls, on which operators rely for rent payments, are also under stress Some go bankrupt and close stores, such as department store chain JC Penney

Both bankruptcies come just ahead of crucial holiday shopping season With the increase in reported coronavirus cases, shopping malls will need to limit crowds during what are traditionally their busiest times of the year In the same time, large retailers that didn’t have to shut down during the pandemic, like Amazon, Target and Walmart, are taking advantage by pushing people to shop online

CBL, which operates 107 shopping centers, said more than 30 of its tenants filed for bankruptcy this year and were closing stores, including women’s clothing retailer Ascena, which has 100 Ann Taylor , LOFT and other stores in CBL shopping centers Based in Chattanooga, Tennessee, CBL operates shopping centers across the US, including EastGate Mall in Cincinnati and West County Center in St. Louis

Philadelphia-based PREIT has over 20 locations, including Cherry Hill Mall in Cherry Hill, New Jersey, and Viewmont Mall in Scranton, PA

Like other malls looking to attract shoppers, PREIT has added restaurants, cinemas and gyms to its malls in recent years, which now account for around 24% of its tenants. But these establishments have been hardest hit by the pandemic and have stricter rules on how many people can visit

PREIT said more stores are paying rent now than earlier this year, but it still expects its rental income to continue to suffer as COVID-19 affects « the return of customers to the shopping centers « 

(TM and © Copyright 2020 CBS Broadcasting Inc All rights reserved This material may not be published, broadcast, rewritten or redistributed The Associated Press contributed to this report)

NYSE: CBL, CBL Properties, Pennsylvania Real Estate Investment Trust, Chapter 11, Title 11, United States Code

World news – United States – Operator Of Westmoreland Mall, Monroeville Mall Files For Bankruptcy


Donnez votre avis et abonnez-vous pour plus d’infos

Vidéo du jour: