CBL, one of largest U.S. mall owners, files for bankruptcy

Nov. 2 (UPI) -- One of the largest mall owners in the United States said Monday it's filed for bankruptcy due to unrecoverable stresses brought on by COVID-19.

CBL & Associates filed for Chapter 11 protection in a Houston court. The company said it will keep up day-to-day operations during the proceedings.

Tennessee-based CBL has more than 100 properties and 66 million square feet of retail space in more than half the states in the nation, including dozens of indoor malls and open-air shopping centers.

"[We] firmly believe that implementing the comprehensive restructuring ... will provide CBL with the best plan to emerge as a stronger and more stable company," CEO Stephen D. Lebovitz said in a statement.

CBL says it has $258 million in cash on hand and should have enough to meet operational and restructuring needs.

Pennsylvania Real Estate Investment Trust, Philadelphia's largest mall owner, also filed for bankruptcy Monday.