As Share Price Dips Below $1, Owner of Willow Grove, Plymouth Meeting Malls Asking for Forgivable Federal PPP Loan to Pay Employees

Ken Knickerbocker
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PREIT is now the latest group of mall owners to announce Plymouth Meeting and Willow Grove malls are going to be closed this Thanksgiving. Image of Willow Grove Mall entrance via Montgomery County Planning Commission.

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.

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