KENTWOOD, Michigan — Woodland Mall's parent company announced Monday they're beginning Chapter 11 bankruptcy procedures.
Pennsylvania Real Estate Investment Trust, or PREIT, a Philadelphia-based shopping investment company, owns retail centers across the country, including the mall on 28th Street.
This week, they announced plans to significantly reduce their nearly $880 million in debts.
"Today's announcement will position a restructured PREIT to execute on strategic initiatives to continue transforming its portfolio for the tenants and communities it serves," wrote Joseph F. Coradino, their chairman and CEO, in a statement.
"We look forward to quickly emerging from this process as a financially stronger company with the resources and support to continue creating diverse, multi-use property experiences throughout our portfolio," he said.
You can expect operations at Woodland Mall to continue as normal, a spokesperson for the shopping center said.
"The primary focus of our team remains creating compelling retail and experiential destinations while prioritizing the experience of our employees, partners, customers and communities," the mall said.
PREIT filed for bankruptcy for the first time just before the crucial holiday season in November 2020. While the coronavirus pandemic raged on and restrictions for in-person gatherings remained in place, many shoppers were forced to turn to online shopping.
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