Brookfield Square Mall Operator Files For Bankruptcy

BROOKFIELD, WI — CBL & Associates Properties, operator for Brookfield Square Mall, filed for bankruptcy protection Monday, hurt by the coronavirus pandemic that has forced tenants to permanently shutter or unable to pay rent.

Another mall operator, Pennsylvania Real Estate Investment Trust, also filed for bankruptcy. Both said their malls will remain open as they go through the bankruptcy process.

"Through this process, all day-to-day operations and business of the Company’s wholly owned, joint venture and third-party managed shopping centers will continue as normal. CBL’s customers, tenants and partners can expect business as usual at all of CBL’s owned and managed properties," according to a CBL news release.

Headquartered in Chattanooga, TN, CBL Properties which operates 107 malls, said more than 30 of its tenants have filed for bankruptcy protection this year and are shutting stores, including woman's clothing retailer Ascena, which has 100 Ann Taylor, LOFT and other stores in CBL malls.

Even before the pandemic, malls have struggled to attract shoppers who are increasingly shopping online. But the pandemic forced many of them to temporarily close for months. In Wisconsin, coronavirus cases have increased. As of Tuesday, 5,700 new positive coronavirus cases and 52 new deaths were reported in Wisconsin by the state Department of Health Services.

Reporting and writing from The Associated Press was used in this story.