SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
MajorsNov 03, 2020
Pushed by Pandemic, 2 Mall Owners File Chapter 11
CBL Properties and the Pennsylvania Real Estate Investment Trust both filed for bankruptcy Sunday.
The West Towne Mall in Madison, Wisconsin is one of the 100-plus shopping centers owned by CBL Properties. The mall operator filed for Chapter 11 bankruptcy protection Sunday. (Photo courtesy of CBL Properties)
New York—Mall operators CBL Properties and the Pennsylvania Real Estate Investment Trust both filed for Chapter 11 bankruptcy protection Sunday, another sign of the toll COVID-19 is taking on already struggling sectors of physical retail.
Chattanooga, Tennessee-headquartered CBL operates 107 malls and outlet centers in 26 states, primarily in the Midwest and Southeast.
Jewelry giant Signet Jewelers Ltd. is the company’s second-largest retailer, with 138 stores accounting for 3 percent of its total revenues, according to court papers included in the bankruptcy filing. (Its largest tenant is L Brands Inc., owner of Victoria’s Secret and Bath & Body Works.)
CBL’s shopping centers have been grappling with myriad issues in recent years, with decreasing foot traffic to Class B and C malls pushing tenants to shed stores.
COVID-19 accelerated the decline, as it forced stores to close for an extended period and has made consumers hesitant to resume shopping in large, enclosed spaces.
Many retailers are unable to pay the rent, even if they wish to remain open, while others—like Signet—are further rethinking their physical footprint.
Still other CBL tenants, including J.C. Penney and Ann Taylor owner Ascena Retail Group, have also filed for bankruptcy.
CBL said in court papers that in 2020 alone, more than 30 of its retail tenants commenced their own Chapter 11 cases.
The mall operator entered into a restructuring support agreement with lenders back in August, with an eye on reducing debt and other obligations by $1.5 billion and increasing liquidity while keeping its shopping centers open.
It warned then a bankruptcy filing may be imminent.
In a statement released Monday, CEO Stephen D. Lebovitz said after months of discussion, the company came to the decision that a Chapter 11 filing was the best option.
“CBL’s management and the board of directors firmly believe that implementing the comprehensive restructuring as outlined in the RSA through a Chapter 11 voluntary bankruptcy filing will provide CBL with the best plan to emerge as a stronger and more stable company,” he said.
“Upon emergence, CBL will be in a better position to execute on our strategies and move forward as a stable and profitable business.”
CBL & Associates Properties Inc., along with CBL & Associates Limited Partnership and other related entities, filed Chapter 11 in U.S. Bankruptcy Court in Houston.
The company said its customers, tenants and partners can expect “business as usual” throughout the Chapter 11 proceedings.
It has filed motions that will allow it to continue to pay employee wages and benefits, honor certain customer and vendor commitments, and otherwise manage day-to-day operations.
The smaller Pennsylvania Real Estate Investment Trust, or PREIT, has 19 malls in eight states, according to its website.
Like CBL Properties, PREIT has already entered into a restructuring agreement with lenders and plans to keep its malls open and continue paying all employees, vendors and suppliers throughout the Chapter 11 process.
The mall operator said in a statement issued Sunday the banks have committed to providing an additional $150 million to recapitalize the business and extend loan repayment reschedules. It also said its restructuring plan has backing from 95 percent of its creditors.
“We are pleased to be moving forward with strengthening the company’s balance sheet and positioning it for long-term success through our prepackaged plan,” CEO Joseph F. Coradino said.
“Today’s announcement has no impact on our operations … and we remain committed to continuing to deliver top-tier experiences and improving our portfolio. With the overwhelming support of our lenders, we look forward to quickly emerging from this process as a financially stronger company with the resources and support to continue creating diverse, multi-use ecosystems throughout our portfolio.”
The smaller Pennsylvania Real Estate Investment Trust, or PREIT, has 19 malls in eight states, according to its website.
Like CBL Properties, PREIT has already entered into a restructuring agreement with lenders and plans to keep its malls open and continue paying all employees, vendors and suppliers throughout the Chapter 11 process.
The mall operator said in a statement issued Sunday the banks have committed to providing an additional $150 million to recapitalize the business and extend loan repayment reschedules. It also said its restructuring plan has backing from 95 percent of its creditors.
“We are pleased to be moving forward with strengthening the company’s balance sheet and positioning it for long-term success through our prepackaged plan,” CEO Joseph F. Coradino said.
“Today’s announcement has no impact on our operations … and we remain committed to continuing to deliver top-tier experiences and improving our portfolio. With the overwhelming support of our lenders, we look forward to quickly emerging from this process as a financially stronger company with the resources and support to continue creating diverse, multi-use ecosystems throughout our portfolio.”
More on Majors
The Latest
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
Weekly QuizNov 06, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
