PREIT, the owner of the Plymouth Meeting Mall and others in the region, has filed for Chapter 11 bankruptcy protection. In a press release, it was stated PREIT filed for Chapter 11 protection to to “execute a comprehensive reorganization to strengthen its balance sheet, reduce its total indebtedness by approximately $880 million and extend its maturity runway.”

To help balance its books, PREIT sold the Whole Foods Market portion of the Plymouth Meeting Mall property for $27 million in February 2023, explored the sale of the mall itself, and unsuccessfully sought to build an apartment community at the mall.

From the press release:

The Company’s [PREIT] primary focus remains creating compelling retail and experiential destinations while prioritizing service to its employees, partners, customers and communities. PREIT has a rich history, as detailed in the timeline featured here. Effectuating this Prepackaged Plan will allow PREIT to continue its legacy of being an integral part of its communities as a significant employer that is committed to the transformation of its properties.

PREIT successfully went through the bankruptcy process in 2020.

You can find the full press release here.