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
Jordain 422430214

Turn Culture into Cash: The Secret to Higher Profits

Jordan Cain - APPROVE
Mcwhorter 0005

2025 Updates : UNCW’s Research Innovation & Technology Portfolio

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship
Untitleddesign14

Efforts Underway to Address Healthcare Workforce Shortages

Jack Watson - University of North Carolina Wilmington, College of Health and Human Services

Trending News

Avelo To Offer Nonstop Flight To Miami At ILM

Staff Reports - Apr 15, 2025

CAP3 Promotes Shannon Short To Chief Operating Officer

Staff Reports - Apr 15, 2025

Downtown Building Changes Hands For $2.25M

Emma Dill - Apr 16, 2025

Four County EMC Honors Retirement Of East Pender District Director

Staff Reports - Apr 15, 2025

Weldon Joins Eldercare And AssistedCare At Home

Staff Reports - Apr 15, 2025

In The Current Issue

Car Clubs Drive Community

An antique automobile is considered a car that is 25 years old or older; however, the oldest car in one local club is from 1915, and many me...


The Sweet Life Of Sweet D’s Cuisine

For Sweet D’s, it was as if Wilmington had been waiting for them....


Food Pantry’s Growth Highlights Need

Most organizations would be thrilled to log year-over-year double-digit growth in demand. But for The Lord’s Food Pantry in Shallotte, that...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season