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."