Owner of Cherry Hill Mall Files for Bankruptcy
According to CBS Philly, PREIT, which is a real estate investment company that owns shopping centers and malls has filed for bankruptcy. They are the company that owns the Cherry Hill Mall, another mall in Pennsylvania and at least 20 other properties. They have filed for bankruptcy protection due to the effects of the coronavirus pandemic. CBS reports that the mall will remain open during this process, so if you can, go shop at some of their stores. The holiday season is coming and malls rely on rent from the stores inside, and most of these stores do not have online shops. So I am sure they'd appreciate it if you stopped by to do some of your holiday shopping.
It's so sad to see so many businesses have to close because of the coronavirus pandemic. Unfortunately, the government shut down felt like the right thing to do at the time to keep coronavirus cases down. Thankfully, we did keep cases down, but now they are back up again. It almost feels like it wasn't worth it. It's just my sadness talking, I know that it was the right thing to do. But I know too many people who have lost their jobs, and their businesses have suffered so much, that it just breaks my heart. Malls everywhere were in trouble before the coronavirus pandemic and now many of them are going to close for good. I wonder what will take the place of all these giant empty spaces? Will a huge corporation like Amazon buy them? Or will they just be bulldozed? Only time will tell.