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Woodland Mall Parent Company files for bankruptcy

People shop at a mall in Houston, Texas.
Brandon Bell
Getty Images
People shop at a mall in Houston, Texas.

The retail developer has filed for Chapter 11 bankruptcy as part of its plan to reduce debt by $880 million.

Woodland is one of 18 malls and shopping centers owned and managed by the Pennsylvania Real Estate Investment Trust, known as PREIT, according to its website. Located on 28th Street in Kentwood, Woodland is PREIT’s only property in Michigan.

The parent company is reorganizing to strengthen its balance sheet and position itself for long-term success, according to CEO Joseph Coradino in a statement Monday as the company filed motions in U.S. Bankruptcy Court.

Cordino states that the filing will ensure PREIT can operate without interruption while it gets approval for that restructuring.

Spokesperson for Woodland Mall, Mary Ann Sabo tells WGVU in a statement that “operations at Woodland Mall are continuing as normal, and customers can continue to shop as they always have."

PREIT intends to pay all vendors, suppliers and employees during bankruptcy proceedings.

The company expects to emerge from bankruptcy by early February 2024.

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