Bloomberg reports mall operator CBL & Associates Properties Inc. is preparing to file for bankruptcy. The headline hit after hours on Friday, sinking shares by at least 20%.
Sources told Bloomberg the company "has been negotiating with its lenders in an effort to enter Chapter 11 with a consensual restructuring agreement in place...the plans aren't final, and elements could change."
CBL's portfolio has 108 properties totaling 68.2 million square feet across 26 states. Many of the properties are classified as "Class B malls," supported by a middle-market customer base that has been crushed by the virus-induced recession.
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2 comments:
So what. Most of what they peddle is useless and unwanted.
Thank you Bezos and dumbocrats with you fake pandemic scare.
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