ROANOKE, Va. – Mall owners CBL Properties, which owns the Valley View Mall in Roanoke has filed for Chapter 11 bankruptcy protection.
In August, the Tennessee-based company said it had entered into a restructuring support agreement in an attempt to try to strengthen its balance sheet.
The mall owner has struggled during the pandemic with its tenants not paying rent or pushing payments back.
Some of them, like J.C. Penney, have also filed for bankruptcy protection this year.
The Valley View Mall will not be closing because of this announcement.
CBL will continue to own and operate a portfolio of market-dominant shopping centers with a vision to transform our properties from traditional enclosed malls to suburban town centers. In fact, once CBL emerges from Chapter 11, we expect the company will be in a stronger and more flexible position to execute on its strategies.CBL Properties FAQ on bankruptcy filing