PITTSBURGH (Newsradio 1020 KDKA) – CBL Properties, the company that owns Westmoreland and Monroeville Malls, has filed for bankruptcy protection, the TribLive reports.
"After months of discussions and consideration of a number of alternatives, CBL's management and the board of directors firmly believe that implementing the comprehensive restructuring … will provide CBL with the best plan to emerge as a stronger and more stable company," Stephen D. Lebovitz, chief executive officer of CBL, said in a statement.
The filing comes after malls were forced to close due to the coronavirus pandemic.
Westmoreland and Monroeville Malls will remain open during the bankruptcy process.
The bankruptcy could mean new ownership for the local malls, the TribLive reports, with Monroeville Mall being a "top contender for resale."
Westmoreland Mall would more likely be held on to by CBL Properties due to the November 24thopening of a new casino, and if it was put up for sale, the casino would help make the sale easier.
