Mall Owner CBL Prepares To File For Bankruptcy Protection

The Grim Reaper Of Retail Claims Another Victim As Mall Owner CBL Plans On Filing For Chapter 11 Bankruptcy

mall owner CBL

The grim reaper has dealt another blow to the agonizing death of American retail. Mall owner CBL & Associates Properties is preparing to file for bankruptcy according to people with knowledge of the plans. CBL operates 110 shopping malls in the United States.

The company is negotiating with its lenders in an effort to enter Chapter 11 with a consensual restructuring agreement in place. However, bankruptcy restructuring plans aren’t final and elements could change. CBL declined to comment about their pending bankruptcy.

CBL operates mostly so-called Class B malls. The struggles of retailers have impacted the mall owner.  The struggles of Dick’s Sporting Goods and Ascena Retail Group have hit CBL’s bottom line hard. The two retailers are among the landlord’s top tenants based on last year’s revenue. CBL’s own financial distress shows the impact of retail-sector failures.

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