After filing for Chapter 13 bankruptcy in November, the Tennessee-based company that owns Fayettevile’s Cross Creek Mall is optimistic that it has a brighter future and points to its 2021 second-quarter financial report as evidence.
CBL Properties (OTCMKTS: CBLAQ) announced on Aug. 11 that the U.S. Bankruptcy Court for the Southern District of Texas had approved the company’s reorganization plan. Although CBL still lost money in the second quarter ($8.9 million or $0.05 per share), the bleeding was far less than the second quarter of 2020 when the company lost $81.5 million ($0.42 per share).
“Shopping at the mall is back! The combination of pent-up demand, stimulus checks, positive consumer sentiment and cabin fever led to a rebound in sales across our portfolio over the last few months,” said Stephen Lebovitz, chief executive officer.
For CBL, a vital goal is getting properties fully leased and producing revenue, such as the new Rooms to Go location opening later this year at Cross Creek Mall, Lebovitz said.
“Sales at nearly all our malls are exceeding 2019 levels, with many categories showing double-digit increases,” Lebovitz said. “Traffic has picked up as well and is approaching pre-pandemic levels. This recovery benefited second quarter results, with percentage rents and short-term income trending above expectations.”
Like other retail centers, Cross Creek Mall is looking for strong back-to-school sales for a reboot.
“(We’ve) been swamped preparing for back-to-school campaigns,” Jessica Kirkman, the mall’s marketing director, told the Fayetteville Business Journal.
“Preliminary reports on back-to-school are positive, which bodes well for the holiday sales season,” Lebovitz said.
CBL announced in January that the 45,000-square-foot Rooms To Go was part of the redevelopment of the Sears parcel at Cross Creek Mall. The store is expected to open in the fourth quarter of 2021. A LongHorn Steakhouse is also being built at the mall, which has more than 150 shops and is anchored by Belk, JCPenney, and Macy’s.
Other recent additions at the mall include:
Lim’s men’s clothing; Icemazing frozen cream treats; All-Star Sports premium sportswear and licensed fashion goods; Mode Shoes for women; Select Few exclusive footwear and streetwear; Waffle Cabin authentic Belgian waffles treats; and Cava fast-casual Mediterranean dining.
CBL owns and operates 106 properties totaling 65.7 million square feet across 25 states, including 64 retail centers.
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