Owner Of Woodland Mall Announces They’re Filing For Bankruptcy
The pandemic is wreaking havoc on everything we know. Our social lives have changed, businesses we used to love to frequent are no longer in existence and more and more of the ones still open are filing bankruptcy, like Hopcat and Max's South Seas Hideaway.
The latest business to fall victim to bankruptcy is the owner of Woodland Mall. MLive reports that PREIT, the Philly-based company that owns the mall is filing for bankruptcy as the pandemic continues to take its toll on the world.
As Heather Crowell, the Executive Vice President for Strategy and Communications for PREIT tells MLive,
"The news has no impact on the mall or our operations. Woodland Mall is a great performer for us and one in which we take great pride, particularly following the redevelopment, and we have no intention of making any ownership changes.”
Woodland Mall just finished up a $100 Million renovation that brought quite a few new stores to the mall. MLive says the company which owns 19 malls total, most in Virginia, New Jersey, Maryland, and Pennsylvania, has owned Woodland Mall since January 2006. They also report that PREIT is now trying to secure a $150 million loan as they also work on a restructuring plan to come out of bankruptcy. According to MLive, the restructuring plan was supported by 95% of PREIT's creditors.
MLive also reports,
Crowell said employees, vendors and suppliers will continue to be paid as normal throughout the bankruptcy process, and that the company is “looking forward” to a “strong holiday season as we are seeing traffic rebound.”