Two Major Mall Owners Have Gone Bankrupt
Published Friday, November 6, 2020

In an effort to reposition their balance sheets and improve their portfolios, CBL & Associates Properties Inc. and Pennsylvania Real Estate Investment Trust filed for Chapter 11 protection. This follows after months of financial damage caused by the global pandemic. At least a quarter of U.S. malls are at risk of closing over the next three to five years due to the pandemic. The shutdowns could cause retailers in shopping centers to invoke co-tenancy clauses. This would allow them to pay lower rent or terminate their leases completely. According to a Coresight Research study.

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