By Chris Isaac

PREIT, the Center City-based owner of both the Plymouth Meeting and Willow Grove malls, seems to have found a lifeline as they are set to undergo a restructuring through bankruptcy later this month that will open up more money for them to borrow, but that doesn’t mean their problems are all solved.

In another sign of the struggles this year have brought, per Jacob Adelman of The Philadelphia Inquirer, PREIT reported their third-quarter earnings, with a net loss of nearly $30 million.

This isn’t surprising, as retailers across the board have generally had to cope with losses related to the pandemic. Last time this year, PREIT was reporting a net gain of nearly $25 million. However, with this year’s loss, their total revenue so far for the year is $64.2 million.

None of these developments seem to be taking the real estate group by surprise, though. They seem to have braced for a tough road, as evidenced by a statement from PREIT chief executive Joseph F. Coradino, who said, “We are pleased to be moving closer to a normal state in our business while moving forward with strengthening the company’s balance sheet and positioning it for long-term success. Our court-approved expedited case timeline should allow us to emerge and quickly move to the next phase of our evolution.”

Clearly PREIT’s focus now is on making it through their bankruptcy proceedings so they can prepare a plan for 2021. As of now, their expedited Chapter 11 filing is planned to take place in late November.

The financial woes of PREIT are also reflected in their stock value, with their shares being down to $0.36 on the New York Stock Exchange as of Friday.

To learn more about PREIT’s financial situation, read the original article from The Philadelphia Inquirer by clicking here.

ABOUT THE AUTHOR

Chris Isaacs is a communications professional from Philadelphia with seven years in the field. He has written more than 200 articles, and his work has appeared in such publications as the Philadelphia Inquirer, USA TODAY College, and Tor.com. He obtained his bachelor’s in communications from Arcadia University, as well as his master’s in communications from La Salle University.”

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