Posts Tagged: Bankruptcy

PREIT Exits Bankruptcy Protection, Poised to Transition into Private Ownership

PREIT emerges from bankruptcy protection, set to go private

PREIT successfully emerges from bankruptcy protection for the second time since 2020 and undergoes a transition to private ownership. The Philadelphia-based company confronted over $1 billion in looming debt when it filed for bankruptcy in December. Nonetheless, through a pre-packaged reorganization plan, the debt has been eliminated, accompanied by the establishment of a new ownership… Read more »

PREIT Files for Chapter 11 Bankruptcy

PREIT files for Chapter 11 bankruptcy protection, agrees to relinquish stake in Fashion District

Facing a significant debt load of over $1 billion, PREIT has made the decision to file for Chapter 11 bankruptcy protection for the second time in just a little over three years. The regional mall owner took this voluntary step by filing in the U.S. Bankruptcy Court for the District of Delaware, having already established… Read more »

Rite Aid in Philadelphia Files for Bankruptcy

Philadelphia Rite Aid Claims Bankruptcy

Several weeks following the initial presentation of a bankruptcy plan by Rite Aid, which included the closure of numerous stores, the Philadelphia-based pharmacy chain officially filed for Chapter 11 bankruptcy protection on Sunday. This development was largely anticipated. Rite Aid, along with its counterparts such as CVS and Walgreens, has confronted shared challenges in recent… Read more »

Forman Mills Seeking Buyer

Forman Mills searches for buyer, warns of potential bankruptcy and store closures

South Jersey discount retailer Forman Mills has warned that it will likely file for Chapter 11 bankruptcy protection if it cannot find a buyer, causing the company to close stores and lay off hundreds of employees over the next two months.  The Pennsauken-based retailer is currently trying to finalize a sale “as a going concern,”… Read more »

278 David’s Bridal Leases Across U.S. Up For Sale

David's Bridal plans to sell the majority of the leases at a bankruptcy auction in July.

David’s Bridal is moving forward with plans to sell the leases for hundreds of stores across the U.S., including eight in Greater Philadelphia, less than two months after filing for Chapter 11 bankruptcy protection.  A&G Real Estate Partners, a real estate advisory firm based in Melville, New York, is working with David’s Bridal on the… Read more »

Copabanana in Philly Files for Chapter 11 Bankruptcy

Copabanana on South Street files for Chapter 11 bankruptcy to stave off eviction

The restaurant and bar filed for Chapter 11 bankruptcy protection on May 26 in order to halt legal action taken by one of its landlords to evict the Copabanana. *Article courtesy of Philadelphia Business Journal For more information about Philadelphia retail space for sale or lease, please contact WCRE at 215-799-6900.Wolf Commercial Real Estate, a… Read more »

After foreclosure, Montgomery Mall put up for sale

The Montgomery Mall, foreclosed upon and in receivership, has been put up for sale. The mall could sell for an estimated $50 million, according to various sources, which is a fraction of the $118 million judgment lodged against the property as a result of a loan default. The estimate is a reflection of an August 2020… Read more »