Philadelphia-based mall owner files for bankruptcy, relinquishes ownership over Fashion District

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Philadelphia-based mall owner files for bankruptcy, relinquishes ownership over Fashion District

Рет қаралды 28,649

Күн бұрын

PREIT, the organization that owns several major malls across the Delaware Valley, has filed for bankruptcy on Monday for the second time since the pandemic.
Part of the filing includes the sale of the Fashion District Philadelphia in Center City.
#bankruptcy

Пікірлер: 108

@michaelwinkelman7165 8 ай бұрын

See the politicians kept their promise to create a 3rd world life style in Philly. 👍

@leefrierson6472 8 ай бұрын

Didn't watch the video, huh? Besides, red states are worse than blue states when it comes to crime and poverty.

@katrinawall7758 8 ай бұрын

We barely have any stores. And they want to get rid of the malls. This is sad! You can sit in the mall . You can go to the food court an have lunch. This city is becoming deserted .😢

@alphaomega1351 8 ай бұрын

You can go to a virtual mall online. 😳

@MR-xc3sw 8 ай бұрын

Stop electing pro criminal Democrat leaders if you want change.

@yvonneplant9434 8 ай бұрын

If they don't make profits they will close. There are dead/ dying malls in Jersey....like the Deptford Mall.

@yvonneplant9434 8 ай бұрын

@@plowe6751It's dumb. If the Sixers were a championship team I could see a new arena.

@lesgobrandon5501 8 ай бұрын

It's not deserted, there are plenty of animals running around raping, robbing and looting. You voted for this and now you're getting it good and hard.

@goddess3274 8 ай бұрын

I hate ordering clothes online because if you need it in a hurry, you have to wait and when you get it, if it doesn't fit you're sol and have to return it. It's really sad. I miss Sears the most. They had great stuff.

@newflower8974 8 ай бұрын

If you order clothes you think might not fit online try to buy from a store that does free returns they usually send or you can request a postage paid envelope

@yvonneplant9434 8 ай бұрын

Sears is trying to make a comeback. No I'm not joking.

@trumpisgod2535 8 ай бұрын

Democrats love making the city’s more criminal friendly. That has consequences some seen and some unseen.

@emanualcarr7408 8 ай бұрын

Well, not enough of the public patronized physical stores. This is what happens when people don't support business. On the flip side, online is a pain as well. If your order get's messed up, it's a whole nightmare trying to replace or get your money back. Pick your poison.

@Daydreamer1110-wi1uv 8 ай бұрын

And u can't try them on

@paddyoak1 8 ай бұрын

I’m surprised they hung on for this long!

@stache1954 8 ай бұрын

Why they thought luxury retailers would move into that building was absurd.

@yvonneplant9434 8 ай бұрын

Well the pandemic didn't help. Retail is always a gamble.

@blurose2479 8 ай бұрын

I agree...they were trying to be like KOP.

@1986So 8 ай бұрын

Lock meatball up

@elsapoelsapo1821 8 ай бұрын

MEAT BALL LIVES!!!!!😂

@aermax7321 8 ай бұрын

.. 🤣🤣🤣🤣

@kermiehilflipper1474 8 ай бұрын

It used to be fun. I remember just going to the gallery with no money.

@lesgobrandon5501 8 ай бұрын

The looters go there with no money also. Sorry, I forgot, they go there with the welfare and entitlement cash and they still steal because its not enough. It will never be enough

@aermax7321 8 ай бұрын

.. i.q , sunshine blue and dr. denim days

@kermiehilflipper1474 8 ай бұрын

@@aermax7321 dr denim was my favorite store fam. My wife used to take that trip just for cinnabons or was it auntie Anne's?? One of those sugared pretzel places lol

@Rocanala 8 ай бұрын

Who actually shops in the ‘Fashion District’ in Philly? There’s more theft than sales

@antwonkyle292 8 ай бұрын

Thieves, thieves, thieves.

@WALTERBROADDUS 8 ай бұрын

That is not a reason for bankruptcy.

@roseb6011 8 ай бұрын

They are leaving the city because of all the retail thefts and wide spread looting whenever people 'protest'. Online shopping is being affected too because packages are stolen everyday.

@WALTERBROADDUS 8 ай бұрын

No one's going to those suburban malls either.

@blurose2479 8 ай бұрын

Springfield Mall is always empty too..picks up a little on the weekends.

@gt-gu7rb 8 ай бұрын

Fashion district is a disaster. Its always empty.

@sjTHEfirst 8 ай бұрын

Absolutely no effect to me. I haven’t been to a mall in years.

@Haruzak1 8 ай бұрын

You missed out. As a 90s kids, mall is a really fun place where I spent most of my time walking around browsing through their stores with my friends.

@WALTERBROADDUS 8 ай бұрын

This bankruptcy is a bit of a complicated set of issues. And the level of debt of the company is not going to be offset by Mall shopping. None of their properties are doing particularly well. I can't think of the last time I've wanted to go to Plymouth Meeting or Cherry Hill the pandemic has hit all businesses like this. And traffic is not coming back. The trying to take the Fashion District upscale was probably poorly timed. The reduction of the Center City workers and restrictions on teens are already two strikes against the place.

@ro.3645 8 ай бұрын

Most of the gallery is still empty. Who can afford the real estate there only to be robbed frequently.

@leefrierson6472 8 ай бұрын

Nobody got robbed at that mall.

@Mackdez 8 ай бұрын

The biggest problem with the fashion district mall is it not the fast and fashion, all the malls they are presenting or failing because of the price of the stuff is too high. What type of downtown being congested as hell "not feasible to go spend large amounts of money with packages to get on the subway" 😢😢 you won't have them very long!?? Last thought I think they just always have to put that damn stadium, which makes this isn't New York we don't like congestion that they have their nor are we built for that. Keep the damn thing in South Philly where it can effectively!!!

@BobDingus-bh3pd 8 ай бұрын

So will King Of Prussia mall get even more chaotic? As all these people funnel there for mall shopping

@alphaomega1351 8 ай бұрын

Word is they will build Drag Queen 👸 of Prussia to balance the traffic. 😳

@ronbennett7885 8 ай бұрын

Probably. KOP is a unicorn. Super great location, lots of land, and its past history. Even back when it was mostly a strip mall with an Acme, it was extremely popular. As other malls fall to the wayside, KOP will increase market share. Also, lots of new residential going in nearby.

@WALTERBROADDUS 8 ай бұрын

A different company runs KOP.

@hilarymockewich5588 8 ай бұрын

There was the gallery but then there was strawbridge and clothier. Complete with a harp player and the boar sculpture from Florence. The gallery was more like RoboCop.

@antwonkyle292 8 ай бұрын

It was straight up trash.

@jovanedwards3589 8 ай бұрын

Y’all treat the place like a jailhouse and have no stores

@yisraelcoachlamont 8 ай бұрын

So now the 76ers can move downtown now. I remember when the Gallery opened up in April of 78.

@hilarymockewich5588 8 ай бұрын

Kevin bacon's father I believe was the architect

@yisraelcoachlamont 8 ай бұрын

@@hilarymockewich5588 when that placed said closed at 4:00 pm on a Sunday back then. They meant it lights off all doors locked back then. Well short lived fashion district 😆😆😆😆😆mess up the Gallery anyway. So in order for it to happen they had to overhaul the whole area. Even in the community of Chinatown pass Arch Street and encompass race street as well. Worst place to see the stadium go. Parking lot and public parking is over completely

@shottaslim8378 8 ай бұрын

Here comes the new arena

@heygetoffmylawn1572 8 ай бұрын

Many of the malls are developing a residential multi housing development attached to them. This goes in keeping with the WEF plan to develop 15 minute cities. Everything you need will be within 15 minutes of where you live, thus staying within that confinement will reduce your carbon footprint. All part of the one world government plan and the UN.

@Putin_Playbook_12345 8 ай бұрын

Bidenomics

@yolavuitton3769 8 ай бұрын

Im impatient too

@maestrovso 8 ай бұрын

Sound like they want to rid the malls, rid a bunch of debts, and then re-develop into something much more lucrative. The creditors and investors will be screwed.

@MR-xc3sw 8 ай бұрын

It's theft that closing stores Democrat crime factories. It's the locals not " them or they" . It's you the locals that have allowed crime to flourish.

@ronbennett7885 8 ай бұрын

Yep, standard playbook. Not just big-names, but even smaller companies, such as Boscov's that declared bankruptcy. Easy to make money when one doesn't pay creditors and vendors.

@WALTERBROADDUS 8 ай бұрын

There is a lot of that going on. The suburban malls are not doing any better. And the days of the big anchor store are dying.

@tommymiddlefinger1283 8 ай бұрын

Turn it into a a bus station/depot... The Port Authority Of Philadelphia.

@blurose2479 8 ай бұрын

People are shopping online and when they do feel like going to a mall, it's KOP.

@jogmas12 8 ай бұрын

Patience is a virtue

@dawnmillernedd6926 8 ай бұрын

Wrong decision to close. Keep the economy improving. Jobs are needed. Many people enjoy the shopping experience which includes supporting the restaurants.

@bigyoppa3403 8 ай бұрын

You must not live in Philly, people scared to shop outside in this city anymore. Armed robbery and shit is at an all time high, I put money on it you not chillin in no mall in Philly lol

@dawnmillernedd6926 8 ай бұрын

@@bigyoppa3403 Born and raised. If legislators, law enforcement, and community take responsibility then the city can return to a place people raised and educated their children in a safe environment. Rapes did not happen on subways and in department stores back then. People still care and want their city back. It wasn’t perfect but it was a descent place .

@WALTERBROADDUS 8 ай бұрын

@@dawnmillernedd6926I think we have separate issues going on. There's a general turn away from mall shopping. The other properties that they own, are not doing well either. The debt issue has little to do with crime.

@dawnmillernedd6926 8 ай бұрын

@@WALTERBROADDUS Agreed that the profit margins were slim due to online shopping and closure of businesses due covid. The uptick of theft and criminal activity impacts by adding additional expense, loss to bottom line, and personal fear🤞

@blurose2479 8 ай бұрын

Amazon, Shein, and Temu.

@gunnermack1642 8 ай бұрын

Looks like the basketball stadium is coming. Like it or not. Watch for engineers in the subway and upgrades to the system in that area. Oh it’s coming.

@vanzy01 7 күн бұрын

sad

@JaniceBlackmon 8 ай бұрын

There's nothing like going into a store in person and get what your merchandise I think a lot of people get frustrated because they don't have enough help cashier anybody help so that's the problem but still nothing like the old-fashioned way going to a store cuz if you order something and it's too small you got to take it back and then sometimes you got to wait for your refund and sometimes it doesn't come back right so like I said there's nothing like going into a store.

@SpybottleMessuage 8 ай бұрын

Our beautiful Lady of Guarda-zalupe Feast ...

@50pinkies67 8 ай бұрын

The 2020 pandemic lockdown killed off our big rural Pennsylvania malls. Although retail outlets are still thriving. There's very few stores left and Kmart is gone too. Christmas shopping begins in October online. No joke. 😝

@eldebtor6973 8 ай бұрын

This makes it easier to defund the police

@drkimoni5011 8 ай бұрын

BILLION DOLLARS FOR BASKETBALL ! THIS CITY NEED TO CLEAN UP ITS DRUG PROBLEM AND YOUTH UNEMPLOYMENT !

@jmtab 4 ай бұрын

“I don’t got time” for English class.

@soundstructuremedia 8 ай бұрын

DAMN HE LOOKS LIKE DON LEMON

@thebolb 8 ай бұрын

Aren't the stadiums coming downtown? 🤔

@mskrisl7535 8 ай бұрын

Definitely not a good idea.

@WALTERBROADDUS 8 ай бұрын

The 76ers basketball team already has taken part of the land that used to be the Greyhound station. Their plans would take over part of the Fashion District too. It's not finalized yet.

@ancient-ruls 8 ай бұрын

About time never have what people want

@katyas-mom 8 ай бұрын

Imagine if the city hadn't been greedy and allowed Disney to put a Quest here.

@WALTERBROADDUS 8 ай бұрын

You are going back 25 years and a different location.

@bigsur1355 8 ай бұрын

I don’t got time !!!!! That explains your public schools

@bobroberts2371 8 ай бұрын

033 to 041 I've been caught stealin', once when I was 5 I enjoy stealin', it's just as simple as that Oh well, it's just a simple fact When I want something, man, I don't wanna pay for it Now I walk right through the door And I walked right through the door Hey, alright, if I get by It's mine, mine, all mine Hey!