Print
Real Estate - Commercial

Mayfaire Town Center Owner Files For Bankruptcy

By Cece Nunn, posted Nov 2, 2020
Operations will continue as usual at Mayfaire Town Center after the center's owner filed for Chapter 11 bankruptcy protection. (File photo)
The owner of Mayfaire Town Center has filed for bankruptcy.

CBL & Associates Properties Inc. and its related entities filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, according to an announcement Monday.

The filing gives the Chattanooga, Tennessee-based company a chance to recapitalize, including restructuring portions of its debt. The restructuring plan is expected to provide CBL with "a significantly stronger balance sheet" by reducing debt and preferred obligations by about $1.5 billion, extending debt maturities and increasing liquidity while maintaining operational consistency, a news release stated.

"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," according to the release. "CBL’s customers, tenants and partners can expect business as usual at all of CBL’s owned and managed properties."

The filing follows the separate bankruptcy filings of several tenants at CBL malls.

This year, Mayfaire Town Center and adjacent Mayfaire Community Center have lost several tenants, including, in the case of the town center, home decor store Pier 1 and children's clothing retailer Justice.

At the same time, anchor tenant Regal Mayfaire & IMAX movie theater remains dark as a result of COVID-19 as some movie theaters have chosen to remain closed despite the easing of pandemic restrictions in recent weeks.

But the closures haven't kept different kinds of concepts from setting up shop at Mayfaire. On the way to the town center is School of Rock, which offers rock-and-roll music lessons mainly to kids but also to adults. 

In October, a Wilmington Realtor opened My Sister's Cottage, which sells clothing, accessories, decor and other gifts in the space at 6863 Main St. That spot had been vacant well before the global pandemic hit the U.S.

And on Sunday, Michelle Conely opened artisan holiday gift market Going Local, a store that has had several storefronts at Mayfaire over the past few years.

The artisan market will run through 11 a.m. to 7 Monday through Saturday and noon to 6 p.m. Sunday through Dec. 27. More than two dozen artists sell their work at Going Local.

"Mayfaire's been a good mall for us" Conely said Monday. "We like it here."
Ico insights

INSIGHTS

SPONSORS' CONTENT
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

One Year And 1 Million Cups Later

Diane Durance - UNCW Center for Innovation and Entrepreneurship
Atromitos micheallegady headshot

The Business Case For Medicaid Expansion – 3 Reasons Business Leaders Should Support Medicaid Expansion

Michealle Gady - Atromitos
Connorkeller headshot

Rational Behavior During Irrational Times

Connor Keller - Live Oak Private Wealth

Trending News

King Talks Leadership At Chamber Annual Meeting; Three Receive Awards

Jenny Callison - Feb 26, 2021

Brunswick County Airports Awarded Grants

Christina Haley O'Neal - Feb 26, 2021

In The Current Issue

During Pandemic, State Parks Fill Up

People, parks and a pandemic made a strong combination for North Carolina state parks last year, with a record number of visi­tors taking ad...


Transit Director Leads Adaptation

Wave Transit’s role in the community’s physical and economic well-being is something Wave’s new executive director, Marie Parker, wants resi...


Buying Homes, Sight Unseen

“The market is so competitive, even a matter of hours can be too little, too late."...

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100