Owners Of Plymouth Meeting Mall Exit Bankruptcy
The long-struggling mall owner has a new board and CEO after declaring bankruptcy for the second time in three years. The Pennsylvania Real Estate Investment Trust (Preit), the owner of Plymouth Meeting Mall and several other major shopping centers in the region, has emerged from its second bankruptcy in three years. Preit, which also owns Willow Grove Park Mall and the Cherry Hill and Moorestown malls in New Jersey, filed for Chapter 11 bankruptcy in December and has exited the restructuring process as a private entity managed by a small group of investment firms. The company also changed its CEOs, with Joseph F. Coradino's tenure ending after a 12-year tenure. Despite its financial struggles, Preit's top-performing asset, Cherry Hill Mall has been a key asset.
نشرت : قبل شهر بواسطة Justin Heinze في Business Finance
PLYMOUTH MEETING, PA — The owner of Plymouth Meeting Mall and several other major shopping centers around the region has emerged from its second bankruptcy in three years.
The Pennsylvania Real Estate Investment Trust (Preit), which also owns Willow Grove Park Mall and the Cherry Hill and Moorestown malls in New Jersey, filed for Chapter 11 bankruptcy in December. Preit has exited the restructuring process as a private entity managed by a small group of investment firms, the company announced Monday. Preit has also changed CEOs, with Joseph F. Coradino's 12-year tenure in the position ending Monday. He will serve as a consultant during the transition to new leadership. The company formed a new board, relieving its former board members of their duties, according to the Philadelphia Inquirer.
Headquartered in Philadelphia, Preit owns about 15 malls all told, mostly in the Mid-Atlantic. Despite PREIT's longtime financial struggles, Cherry Hill Mall has long been its top-performing asset. Previous corporation leadership also heralded Plymouth Meeting's redevelopment as a company bright spot. Preit thrived in the mid-2000s, hitting more than $700 per share. But its stock values cratered during the Great Recession and totaled $42.75 per share in early 2009.
المواضيع: Bankruptcy