Pandemic might be final straw for Eastland Mall’s owner

Posted on June 12, 2020

By HOI ABC

BLOOMINGTON – The owner of Bloomington’s Eastland Mall is telling federal regulators that it might not be able to survive the economic impact of the COVID-19 pandemic.

“We have determined that there is substantial doubt about our ability to continue as a going concern,” said Tennessee-based CBL Properties in documents filed with the Securities and Exchange Commission.

According to our news partner HOI ABC, the company said it will not make an $11.8 million interest payment that was due on June 1. It also said most of its mall tenants nationwide are not able to pay their rent. In April, CBL reported it was able to collect rent from only 27 percent of its tenants.

“We estimate a collection rate for the month of May in the range of 25-30% based on preliminary cash receipts and conversations with retailers,” the company said.

CBL Properties reported a $139.3 million net loss for the quarter ending March 30, compared to $46.8 million for the same time a year ago.

Even before the pandemic, store closures due to online shopping damaged mall revenues nationwide.

Last year, CBL said it suspended quarterly dividend payments on its common stock, and on February 5, CBL was notified that it would be delisted from the New York Stock Exchange if it failed to maintain an average share price of $1.00 over period of 30 consecutive trading days.

At the close of trading Thursday, CBL stock cost 31 cents per share.

WJBC News can be reached at [email protected]

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