SPG - Shopping Mall Owner Says Retail Rent Strike May Force It Into Bankruptcy
The high-profile rent strike being waged by retailers like Gap, L Brands, and others could force shopping mall operator CBL & Associates (NYSE: CBL) into bankruptcy.
The real estate investment trust said in its first-quarter earnings report, released this morning, that its ability to continue as a going concern was in jeopardy: "Given the impact of the COVID-19 pandemic on the retail and broader markets, the ongoing weakness of the credit markets and significant uncertainties associated with each of these matters, the Company believes that there is substantial doubt that it will continue to operate as a going concern within one year after the date these condensed consolidated financial statements are issued."
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