Malls Dragged Into Bankruptcy by Carnage at Retail Tenants
- CBL and Pennsylvania REIT file for Chapter 11 protection
- Pandemic choked off already-dwindling number of shoppers
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America’s ailing malls suffered a pair of body blows over the weekend as two major landlords followed their ever-growing list of bankrupt tenants into Chapter 11 protection.
Pennsylvania Real Estate Investment Trust and CBL & Associates Properties Inc. sought protection from creditors Sunday, citing pandemic-induced pressures on their tenants and, in turn, themselves. Together the two REITs account for some 87 million square feet of real estate across the U.S., according to court papers.