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.
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 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.”
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.
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.
Weekly QuizOct 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
