PREIT, owner of the Plymouth Meeting Mall, filed for Chapter 11 bankruptcy protection

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.