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Area Malls Taking Safety Precautions to Ensure Santa Can Still Meet Children
Despite this year’s highly unusual and difficult circumstances, King of Prussia and Willow Grove Mall are still finding ways to make sure kids get a chance to speak with Santa.
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Wall Street Journal: King of Prussia Mall Owner Inks $2.8B Merger Deal with Taubman
In a retail climate where many are having trouble even collecting rent, Simon Property Group, owner of both the King of Prussia and Montgomery Mall as well as the Philadelphia Premium Outlets in Limerick, remains an outlier as they continue to expand. Luxury mall developers Taubman Centers Inc. was already in the midst of merging…
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“Giant” Expected to be Buyer for Center City Property Being Sold by Willow Grove Mall Owner
For the last few weeks PREIT has been busy securing their bankruptcy restructuring plan, which will enable them to free up $150 million in borrowing. It now seems that the first phases of that restructuring are underway, as PREIT plans to sell off part of the Strawbridge’s department store building in Center City, as reported…
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Willow Grove, Plymouth Meeting Mall Owner Feeling Hopeful About Recovering After Filing for Bankruptcy
By Chris Isaac After PREIT filed for bankruptcy on November 1 they announced that this would be a move that would wind up revitalizing them. Now that the company has been approved for an expedited Chapter 11 approval on November 24, they have gone into more detail about how they plan to rebound in 2021.…
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Looking to Restructure, Willow Grove, Plymouth Meeting Mall Owner Files for Bankruptcy
By Chris Isaac After a tumultuous month where PREIT was trying to get all of their lenders to approve of a plan that would allow them to borrow $150 million, PREIT was unable to get unanimous approval and was forced to file for bankruptcy. PREIT previously stated they had over 80% of their lenders on…
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Lenders Claim Willow Grove, Plymouth Meeting Mall Owner Breached Agreement to File for Bankruptcy
By Chris Isaac As recently reported, PREIT, the Philadelphia-based owner of both the Plymouth Meeting and Willow Grove malls, has been trying to get all of its lenders to come together on an agreement that would provide the real estate group with a $150 million loan to help tide them through to the next year.…
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Willow Grove, Plymouth Meeting Mall Owner Says They May File for Bankruptcy to Get $150 Million Loan
Analysts have been speculating for a while now that PREIT, owner of the Willow Grove and Plymouth Meeting Malls, might be heading towards bankruptcy within a year’s time, especially after the lockdowns, and earlier this month when their trade value on the New York Stock Exchange sunk below one dollar. It appears those predictions may…
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King of Prussia Mall Owners Edges Closer to Deal to Buy JC Penney Out of Bankruptcy
By Chris Isaac JCPenney is finally closing in on wrapping up a deal with its new owners, Simon Property Group, and Brookfield Property Group. This comes after the historic department store had to file for bankruptcy in May, and initially appeared to be having trouble finding a buyer. However, as reported by Kerri Panchuk of…
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Forbes: King of Prussia, Montgomery Mall Owner’s Share Price Drops 50% Since Pandemic Started
By Chris Isaac Earlier this month it was revealed how severely the pandemic had impacted PREIT’s finances, as their trade value on the New York Stock Exchange had sunk to below one dollar. Now Simon Property Group, owner of the King of Prussia and Montgomery Malls as well as the Philadelphia Premium Outlets in Limerick,…
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Plymouth Meeting, Willow Grove Mall Owner Faces Being Delisted from Stock Exchange
By Chris Isaac The damage that COVID-19 has inflicted on the finances of PREIT, the parent company of malls in Plymouth Meeting and Willow Grove, continues to pile up, with their stock values now dipping dangerously low, as reported by Jacob Adelman of the Philadelphia Inquirer. PREIT’s trading price has sunk below $1, putting it…
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PREIT Revitalizes Willow Grove, Plymouth Meeting Malls with New Store Openings
By Chris Isaac With the pandemic having such a detrimental impact on businesses it can be easy to assume that there is nothing but bad news to be heard about retailers. However, PREIT is demonstrating that is not the case as they announce new stores opening at a variety of their malls, as stated by…
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PREIT Will Be Extending Plymouth Meeting, Willow Grove Mall Hours and Closing for Thanksgiving
By Chris Isaac In past years Thanksgiving has increasingly become not only a day about celebrating family, but also a day where the malls have introduced earlier Black Friday sales to entice in shoppers. As reported by PR Newswire, that will not be the case this year, though, as PREIT is now the latest group…
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CNN Business: King of Prussia, Montgomery Malls Will Remain Closed on Thanksgiving
By Chris Isaac As COVID-19 has thrown challenges in the way of nearly every industry and business, people have been particularly curious how it would impact the holiday season. Malls are typically swarmed from Black Friday onwards, and in recent years the sales have been creeping earlier and earlier into Thanksgiving. However, for Simon Property…
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Willow Grove, Plymouth Meeting Mall Owner Announces $23M COVID Shut Down Losses
By Chris Issac PREIT had been able to get all of their malls opened up again near the start of the summer, but there was never any doubt that the months of being closed was going to have a heavy impact on their earnings. Information about PREIT’s quarterly profits has now been made public, and…
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