PREIT, owner of Plymouth Meeting and Willow Grove malls, has applied for a “forgivable” federal Paycheck Protection Program loan to pay its employees, writes Joseph N. DiStefano for The Philadelphia Inquirer.
The publicly-traded company which has seen its stock drop from a $25 high four years ago to below $1 a share furloughed over 100 employees – or 37 percent of its total staff – earlier this month to cut costs.
The company has not disclosed the amount it is seeking, but based on its payroll, it would be eligible for the maximum $10 million.
This is not the first time PREIT has asked for public assistance. Together with its partner Macerich, the company has received over $300 million in tax breaks from Philadelphia, along with other assistance.
However PREIT’s issues will continue, as a report by S&P Global Market Intelligence has found that around 42 percent of department stores will default on their loans. This includes Dave & Buster’s, a tenant at PREIT’s Plymouth Meeting Mall.
Read more about PREIT at The Philadelphia Inquirer by clicking here.