After months filled with lost revenues and tenants permanently shutting their doors, the company that owns both the Westmoreland and Monroeville malls has filed for bankruptcy protection.
Chattanooga, Tenn.-based CBL Properties made the announcement Monday, months after the company announced a restructuring plan to help alleviate debt. The move came after the coronavirus pandemic forced malls across the country to close, essentially choking off foot traffic and resulting in lost revenues.
The 107 malls operated by CBL will remain open throughout the bankruptcy process.
“After months of discussions and consideration of a number of alternatives, CBL’s management and the board of directors firmly believe that implementing the comprehensive restructuring … will provide CBL with the best plan to emerge as a stronger and more stable company,” Stephen D. Lebovitz, chief executive officer of CBL, said in a statement.
Source: Owner of Westmoreland, Monroeville malls files for bankruptcy | TribLIVE.com
