One of America’s oldest developers of shopping malls still sees a bright future for malls, even after last year’s pandemic shutdowns and subsequent retail closings forced the developer to file for bankruptcy in November 2020.
CBL Properties Inc., the Chattanooga-based retail developer that emerged from bankruptcy this week after trimming its holdings and debt, unveiled a new website Monday urging Americans to “meet us at the mall.”
Stephen Lebovitz, the CEO of CBL and son of company founder Charles B. Lebovitz, said CBL’s malls remain vibrant town centers for business activity.
“CBL is redefining what the mall means to our communities by combining retail, dining, entertainment and other mixed uses,” Lebovitz said, quoting the company’s new website. “The redefinition of the mall is really at the core of our strategy. It’s still a mall, but it’s different than the traditional mall because of all of the other uses that are being added.”
After shedding some properties and restructuring debt under the protection of the U.S. Bankruptcy Court in Texas over the past year, Lebovitz said CBL “is definitely in a growth mode, and we’re excited to now be in a position to grow and to look for opportunities to grow our portfolio.”