CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
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
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
Events & AwardsApr 14, 2026
CBG Releases Details for Las Vegas ShowThe group has announced its lineup of speakers and a new “Rising Stars” pavilion.
CollectionsApr 13, 2026
Uniform Object’s New Jewelry Collection Centers on the ‘Carbon Form’The “Carbon Form” collection explores the contrast between high and low materials, using rubber cord alongside 18-karat gold and gemstones.
Events & AwardsApr 13, 2026
JA Accepting 2026 Impact Initiative ApplicationsThe program provides essential funding to organizations for projects that enhance the jewelry industry.
Events & AwardsApr 13, 2026
Couture Announces New Show in MiamiThe jewelry trade show is launching its first open-to-the-public event in Coconut Grove this November.
CrimeApr 13, 2026
JSA Offers Reward in Oregon Jewelry Store Armed RobberyJSA is seeking information about the gunpoint robbery of a Kay Jewelers location in Oregon’s Washington Square Mall.
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
