Multiple Mall Owners File for Chapter 11 Bankruptcy Protection Amidst Pandemic
The parent company of Woodland Mall, Pennsylvania Real Estate Investment Trust, has filed for Chapter 11 bankruptcy as part of its plan to reorganize and reduce its debt by $880 million. Woodland Mall itself is not a debtor in the case and will continue to operate normally, with its loan expected to be extended. This is the second time PREIT has filed for Chapter 11 bankruptcy, with the previous filing occurring in November 2020.