Company that owns Parkway Place Mall undergoes major restructuring to stay open
HUNTSVILLE, Ala. (WAFF) - If you’ve walked through Parkway Place Mall in Huntsville lately, you may have noticed several empty storefronts.
WAFF checked in with the company that owns the mall to find out how it’s doing. We learned CBL properties went into a major restructuring agreement in order to keep the doors open.
Its Chapter 11 bankruptcy filing helped dissolve $1.6 billion of debt.
To be clear, the mall is open for business and we learned this week two new stores are even moving in.
Stacey Keating, senior director of Public Relations & Corporate Communications for CBL, sent us the following statement:
“The plan we announced achieves all of the major objectives we have set for CBL post-emergence, including greater financial flexibility with a significantly strengthened balance sheet. As we’ve said before, it is business as usual for Parkway Place, customers and retailers will see no difference in our operations.”
We talked to a couple leaving the mall this afternoon who are glad it’s still in business.
“It has very cheap sometimes when they’re having their sales going on. It’s very wonderful for Christmas time and stuff. I like to bring my child here every time I can and let him have fun,” Desiree Kash said.
As for the two new stores, Reeds Jewelers and the Alabama-owned clothing store, Secret Scientist are now open for business.
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