CHATTANOOGA (WDEF) – Chattanooga based CBL Properties announces it is asking for bankruptcy protection.
The company issued a statement Wednesday saying the mall company has reached a deal with creditors over debt.
Earlier this year, the company warned it was in trouble because tenants aren’t paying their rents.
But their problems have gone back than the pandemic as customers flee malls for online shopping.
CBL stock is down more than 80% since the beginning of the year.
CBL is one of the largest mall operators in the country, founded by the Lebovitz family.
They own and manage Hamilton Place and Northgate here in Chattanooga.
The bankruptcy filing would come by October First at the latest.
The company says they are more than $3 billion in debt.
But day-to-day operations and business will continue as normal.