For the second time since 2020, the parent company of the Capital City Mall in Lower Allen Township has come out of Chapter 11 bankruptcy.
On Monday afternoon, PREIT Realty said that it had finished its financial and business restructuring and was no longer in bankruptcy.
PREIT said that the reform plan helped the company get rid of about $835 million in debt. The company said it is no longer an SEC reporting company because it reorganized its business and merged its stockholders. As of now, PREIT is a separate business and is not a partner in the Fashion District Philadelphia.
Joseph Coradino will no longer be the CEO and shareholder of PREIT. He has worked for the company for more than 40 years in different roles, including as CEO for the last 12 years. He will still be working for the company as an adviser.
Jared Chupaila has taken over as CEO from Coradino and will start right away. Chupaila will be on the board as well. Chupaila was most recently CEO of Brookfield Properties’ retail real estate vertical. In that role, he was in charge of the company’s more than 150 shopping centers in the United States.
Glenn Rufrano has been named executive chairman of the board of managers, starting right away. He will work with Vishal Chanani of Redwood Capital Management and Eric Hsiao of Nut Tree Capital Management, who are also board members.
Based in Philadelphia The company PREIT filed for Chapter 11 bankruptcy on December 11. According to its website, PREIT owns 17 shopping centers, six of which are in Pennsylvania. These are the Capital City Mall, Willow Grove Park, Plymouth Meeting Mall, Viewmont Mall, Springfield Mall, and Exton Square.
The Capital City Mall has been open while the bankruptcy process has been going on. There are more than 90 stores in the mall, such as JCPenney, Dick’s Sporting Goods, Macy’s, and Sportsman’s Warehouse. It was reported by PREIT on September 30 that JCPenney’s lease ends in 2025, Dick’s Sporting Goods’ lease ends in 2028, and Sportsman’s Warehouse’s lease ends in 2031. PREIT does not own the Macy’s building.
