From Staff Reports

The company that owns the Asheville Mall recently filed for Chapter 11 bankruptcy, which gives it an opportunity to recapitalize the company and restructure its debt.

Mall owner CBL Properties, owner of dozens of malls around the United States, vowed in a Nov. 2 press release that it will remain operational through the bankrupty process.

“Documents filed with the U.S. Bankruptcy Court for the Southern District of Texas estimate both CBL’s assets and liabilities at $1 billion-$10 billion,” the Asheville Citizen Times reported on Nov. 6.

“Though the company did not explicity mention COVID-19 as a reason for filing for bankruptcy, this year has been a rough one on the retail sector.... Sertage Growth Properties, which has long had plans to develop the closed Sears and surrounding parking area at the Asheville mall into mixed-use space, still lists a slice of the Tunnel Road property as the site of a future project,” the ACT added.