The retail apocalypse claimed another victim after shopping mall operator CBL and Associates Properties (NYSE:CBL) declared bankruptcy on Sunday.
Although the real estate investment trust was struggling for years, rumors of a possible collapse have been circulating since the summer. It may have been a foregone conclusion after J.C. Penney (OTC:JCPN.Q), one of CBL’s biggest tenants, itself sought protection in the bankruptcy courts.
Image source: Getty Images.
CBL’s declaration was actually the second one, after Pennsylvania Real Estate Investment Trust (NYSE:PEI) announced it was seeking a pre-packaged financial restructuring deal.
Retailers were in trouble long before the coronavirus pandemic struck, with shopping malls falling out…
Read the full article at: https://www.fool.com/investing/2020/11/02/retails-toll-sends-mall-operator-cbl-into-bankrupt/
