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Preit declares bankruptcy, gives up share of the Fashion District

Published  December 12, 2023 7:29am EST
Business
FOX 29 Philadelphia

Preit declares bankruptcy, gives up share of the Fashion District

Philadelphia-based mall owner Preit has filed for bankruptcy again, this time giving up its share of the Fashion District in Center City.

PHILADELPHIA - Philadelphia-based mall owner Preit filed for bankruptcy again, this time giving up its share of the Fashion District in Center City. 

This is the second time Preit, which owns several malls across the Delaware Valley, has filed for bankruptcy since the pandemic. 

The new Chapter 11 filing gives full ownership of the Fashion District to Santa Monica-based developer Macerich. 

Preit's portfolio still includes local shopping centers like Cherry Hill Mall, Plymouth Meeting Mall, and Willow Grove Park. 

You can read more about Preit's bankruptcy filling in an online statement.