PREIT, which is an acronym for Pennsylvania Real Estate Investment Trust, and is the owner of several malls in the Philadelphia PA and Southern New Jersey, filed for Chapter 11 bankruptcy in Delaware. https://www.bravermanlaw.com/debt-problems-solutions/foreclosures/It is the second bankruptcy by the company in the last 3 years according to WHYY.org. https://whyy.org/articles/philadelphia-fashion-district-preit-debt-bankruptcy/ . The malls owned by PREIT include the Fashion District in Center City Philadelphia PA, the Cherry Hill Mall, Willow Grove Park and the Plymouth Meeting Mall. A number of malls have struggled in recent years as more and more consumers turn to on line shopping to address their needs. Most malls may need to rethink the nature of malls and the types of stores or businesses that can survive in this changing envirnment. According to the WHYY article, the property in Philadelphia where the Fashion District operated could be used to build a new home for the Philadelphia Seventy Sixers.
