Mall owned by Pennsylvania Real Estate Investment Trust facing another bankruptcy

Another mainstay at the Cherry Hill Mall, which is owned by Pennsylvania Real Estate Investment Trust, has filed for Chapter 11 bankruptcy protection. This time, it’s a family-owned restaurant that’s been at the mall for 20 years.

“The Bistro at Cherry Hill, which serves Italian and American dishes, owes roughly $470,000 in unpaid taxes to New Jersey, plus another $40,000 to the IRS for wage and payroll taxes, and just over $4,000 to authorities in Pennsylvania, according to the Courier Post.

Read more: Bankruptcy Lawyers, Philadelphia Pennsylvania

The restaurant released a statement after it went to U.S. Bankruptcy Court in Camden, saying it “plans to successfully stay in business for at least another 20 years.”

“The restaurant was briefly shutdown in late March, apparently following a visit from state tax officials, an article by Philadelphia Business Journals reads.

This isn’t the first time the South Jersey mall has seen struggles. Earlier this year, Cherry Hill Mall owner, Pennsylvania Real Estate Investment Trust, announced retailer Uniqlo would be closing its store.

Business Insider released an article earlier this year stating that analysts predicted that 2017 would be a rough year for retail stores, especially those with a high proportion of locations in malls.

“Many chains that are closing stores are also facing a very real threat of bankruptcy,” the article reads.

Eight retailers that are disappearing across the U.S. include, but are not limited to the following:

• The Limited : Shut down all 250 stores in January.
• Macy’s: Shut down 68 stores and laid off nearly 4,000 employees, beginning in early 2017. Ultimately, the retailer plans to shut down about 100 stores, or 15% of its store base, over the next couple of years.
• Sears: Sears plans to shut down 108 Kmart stores and 42 Sears stores by April.
• Wet Seal: The struggling teen retailer is closing all 171 of its stores, thecompany announced in late January. 
• BCBG: The retailer is shutting down 120 locations, primarily in the US, the Star Tribune reported in early February.Currently, BCBG has 570 locations worldwide, and 175 in the US.
• Bebe: The retailer announced in early February that itplanned to close up to 25 locations in 2017.
• Payless: The discount shoe retailer could close as many as 1,000 stores as part of a debt restructuring plan, sources told Bloomberg.Currently, Payless has about 4,400 locations worldwide, including 3,600 in North America.
• American Apparel: The future of American Apparel’s stores remains unknown; following the retailer’s acquisition by Gildan Activewear Inc. Gildan did not acquire the chain’s 110 locations when it bought the American Apparel brand. If American Apparel doesn’t find a buyer, then these stores will likely be shut down.

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