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PREIT, owner of several Philadelphia area malls, files for Chapter 11 bankruptcy

Posted on AllSides December 11th, 2023
From The Left

PHILADELPHIA (CBS) -- The company that owns several malls in the Philadelphia region has filed for Chapter 11 bankruptcy. The Pennsylvania Real Estate Investment Trust owns seven malls in Pennsylvania and South Jersey, including the Fashion District, Cherry Hill Mall and Willow Grove Mall. The malls are staying open, and vendors and suppliers will be paid. The company is working to restructure its finances and reduce its debt by about $880 million. The company also filed for bankruptcy in November 2020 during the height of the pandemic. "We are pleased...

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