Mayfaire Town Center owner files for bankruptcy
The owner of Mayfaire Town Center has filed for bankruptcy.
CBL & Associates Properties Inc. and its related entities have filed voluntary reorganization petitions under Chapter 11 of the US Bankruptcy Code with the US Bankruptcy Court for the Southern District of Texas, according to an announcement released Monday.
The case gives the Chattanooga, Tennessee-based company a chance to recapitalize, including restructuring some of its debt. Restructuring plan is expected to provide CBL “with a significantly stronger balance sheet” by reducing debt and senior bonds by about $ 1.5 billion, lengthening debt maturities and increasing liquidity while maintaining consistency operational, according to a press release.
“Through this process, all day-to-day operations and activities of the Company’s wholly-owned, joint-venture and third-party malls will continue as normal,” the statement said. “Customers, tenants and partners of CBL can expect business as usual at all properties owned and managed by CBL. “
The filing follows the separate bankruptcy filings of several tenants of CBL shopping centers.
This year, downtown Mayfaire and the adjacent Mayfaire Community Center have lost several tenants, including, in the downtown case, home decor store Pier 1 and children’s clothing retailer Justice.
At the same time, the main tenant of the Regal Mayfaire & IMAX cinema remains dark due to COVID-19, as some theaters have chosen to remain closed despite the easing of pandemic restrictions in recent weeks.
But the closures haven’t stopped different kinds of concepts from taking hold in Mayfaire. On the way to downtown is Rock school, which offers rock and roll lessons mainly to children but also to adults.
In October, a Wilmington real estate agent opened my sister’s cottage, which sells clothing, accessories, home décor and other gifts in the space at 6863 Main Street. This place was vacant long before the global pandemic hit the United States
And on Sunday, Michelle Conely opened the Going Local Craft Holiday Gift Market, a store that has had multiple showcases in Mayfaire over the past few years.
The craft market will take place from 11 a.m. to 7 p.m. Monday to Saturday and from noon to 6 p.m. from Sunday to December 27. More than two dozen artists sell their work at Going Local.
“Mayfaire has been a good mall for us,” Conely said Monday. “We love it here.”