JCPNQ - Pandemic claims first U.S. retail REIT casualty

Following some of its biggest tenants into bankruptcy, mall owner CBL & Associates Properties (CBL) has filed for Chapter 11, as the pandemic kept consumers at home and forced many retailers to quit paying rent.The filing in the Southern District Court of Texas will give the company a chance to keep operating while reorganizing its finances and business. It listed estimated assets at about $1B-$10B, and liabilities at around the same amount.Some of the company's biggest renters, including J.C. Penney (JCPNQ) and Ascena Retail (ASNAQ) have already filed for bankruptcy with plans to shutter stores.As of mid-August, CBL managed 108 properties in 26 states.

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Pandemic claims first U.S. retail REIT casualty