Owner of Franklin's Cool Springs mall signals pandemic has it in financial distress
NASHVILLE, Tenn. (Mike Osborne) -- The company that owns Franklin’s Cool Springs mall may be exploring bankruptcy.
Chattanooga based CBL Properties is a $700 billion dollar company that owns more than 100 malls nationwide.
CBL recently told investors that it’s tenant stores paid just 27 percent of the rents due in April, thanks to pandemic closures. It expects much the same in May.
The company says it’s skipped a nearly 12 million dollar interest payment due June first. It’s also engaged an outside advisor to explore its options going forward.