Owner Of Willow Grove, Plymouth Meeting Malls Declares Bankruptcy

PLYMOUTH MEETING, PA — Preit, the owner of the Plymouth Meeting Mall and Willow Grove Park, has formally filed for bankruptcy, as economic repercussions of COVID-19 continue to be felt.

Both malls will reopen despite the move. Executives are optimistic that the declaration will allow them to restructure their finances in a way that helps the company survive.

"Today's announcement has no impact on our operations – our employees, tenants, vendors and the communities we serve –and we remain committed to continuing to deliver top-tier experiences and improving our portfolio," Preit CEO Joseph Coradino said in a statement.

Brick and mortar shopping had been on the downturn long before the pandemic hit. But coronavirus severely exacerbated those existing trends, and shoppers remained apprehensive even with Preit's malls in Montgomery County reopening in June.

In addition to Willow Grove and Plymouth Meeting, Preit owns numerous malls and shopping centers throughout the region, including the Cherry Hill Mall in New Jersey.

"We are grateful for the significant support we have received from a substantial majority of our lenders, which we expect will enable us to complete our financial restructuring on an expedited basis," Coradino added.