The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
PLANO, United States — Shopping mall operator CBL & Associates Properties Inc voluntarily filed for Chapter 11 bankruptcy protection on Sunday, becoming the latest mall operator seeking to restructure its operations as the Covid-19 crisis caused prolonged closures.
Mall operators in the US have been strapped for cash amid the pandemic as people have stayed indoors and resorted to online shopping.
Retailers, including J.C. Penney Co Inc, one of CBL's biggest renter, already grappling with customers' abandonment of traditional stores for online shopping have also resorted to bankruptcy filings.
CBL's filing follows that of Pennsylvania Real Estate Investment Trust earlier on Sunday, which filed a chapter 11 petition to execute a prepackaged financial restructuring plan.
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The bankruptcy was earlier reported by Bloomberg, which said the process will give the company a chance to continue operating while reorganising its finances and business.
In a filing on the U.S. Bankruptcy court for the Southern District of Texas, CBL listed both estimated assets and liabilities in the range of about $1 billion to $10 billion.
CBL had announced in August that it had entered into a restructuring support agreement with a group of bondholders to allow it to strengthen its balance sheet and organisation.
By Bhargav Acharya; editor: Krishna Chandra Eluri.
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.