FSK Mall owner, PREIT, declares bankruptcy ... again

[MigraineMan]

Seems it was just yesterday (2020) that PREIT was declaring Chapter 11.

Dec 11 (Reuters) - Mall owner Pennsylvania Real Estate Investment Trust (PRET.PK) has filed for bankruptcy protection for the second time since 2020, aiming to cut $880 million in debt and become a privately owned company.

 

[DanGuy48]

Seems it was just yesterday (2020) that PREIT was declaring Chapter 11.

The world just seems to have gotten bored with malls.

 

[budman93]

That place has been going downhill for a long time. We always see the sign opposite the Chick-fil-A and as of last week I think there were only 3 letters still lighting up in it. Its been that way for ages and they dont even fix it.

 

[tallen702]

The world just seems to have gotten bored with malls.

Interestingly enough, after a massive drop off in the early 2000s, mall closings have been somewhat rare with most malls and mall owners holding the line. There are a few that were on life support that are failing even now (Charleston Town Center in WV for example, once the biggest urban mall east of the Mississippi), but by and large, they've been holding on. I mean, they're still building some massive ones even now. American Dream Meadowlands is absolutely massive and includes an indoor ski slope. I was there for work near Christmas of 2022 and they were still building new stuff there.

 

[tallen702]

That place has been going downhill for a long time. We always see the sign opposite the Chick-fil-A and as of last week I think there were only 3 letters still lighting up in it. Its been that way for ages and they dont even fix it.

The inside is still nice enough. We always laugh about the ad-hoc words that the sign makes (our favorite was still Franci ScoKey which sounds like some Hollywood socialite's name) but it was fairly crowded during the Christmas shopping season this year. We hit up DSW, PJ Watch & Jewelry Repair, Barnes and Noble, Macy's, JC Penney's, and the awesome rock shop that they have there at least once every few months. The rock shop is awesome. It's right across from Barnes and Noble inside the mall. They do seminars about geology and paleontology, have a gem mining trough for kids, and all kinds of amazing fossils and rocks. It's really cool and beats the pants off the shop downtown on Market Street. We'll hit up the DQ there when we've had dinner and want a blizzard for dessert as well. The tablet and cell phone repair shop there does a good job for a reasonable price as well.

 

[Afrikeber]

That place has been going downhill for a long time. We always see the sign opposite the Chick-fil-A and as of last week I think there were only 3 letters still lighting up in it. Its been that way for ages and they dont even fix it.

They need a good gun shop and maybe even an indoor shooting range?

 

[tallen702]

They need a good gun shop and maybe even an indoor shooting range?

The former Sears store is still vacant......

 

[rondon600]

I think it’s a shame that malls have fallen out and traditional brick & mortar has been reduced to 5below, hobby lobby, TJ max, kohls amd Home Depot. Funny to see how many fitness ctrs, axe throwing and restaurants try to fill the voids. They even opened a 7eleven and a public library inside Annapolis mall to fill space. I ventured into Marley station to check out the model railroad around Christmas. They pulled his lease! Walked over to Sears and just can’t believe the void. Surprised it’s not full of homeless illegals.

 

[4g64loser]

The former Sears store is still vacant......

Yeah. PREIT are antigun maggots though.

Could build a hell of a modular shoot house environment in some of this vacant retail space.......if anyone knows of some that can be had cheap from a company that isn't hoplophobic.

 

[DanGuy48]

The inside is still nice enough. We always laugh about the ad-hoc words that the sign makes (our favorite was still Franci ScoKey which sounds like some Hollywood socialite's name) but it was fairly crowded during the Christmas shopping season this year. We hit up DSW, PJ Watch & Jewelry Repair, Barnes and Noble, Macy's, JC Penney's, and the awesome rock shop that they have there at least once every few months. The rock shop is awesome. It's right across from Barnes and Noble inside the mall. They do seminars about geology and paleontology, have a gem mining trough for kids, and all kinds of amazing fossils and rocks. It's really cool and beats the pants off the shop downtown on Market Street. We'll hit up the DQ there when we've had dinner and want a blizzard for dessert as well. The tablet and cell phone repair shop there does a good job for a reasonable price as well.

The last time we were through there we realized that shop had expanded into the vacant store next door, huge space for such a store it seems to me.

 

[K31]

Sssh, Bidet and D-bag mayors will fill it with illegals.

 

[tallen702]

I think it’s a shame that malls have fallen out and traditional brick & mortar has been reduced to 5below, hobby lobby, TJ max, kohls amd Home Depot. Funny to see how many fitness ctrs, axe throwing and restaurants try to fill the voids. They even opened a 7eleven and a public library inside Annapolis mall to fill space. I ventured into Marley station to check out the model railroad around Christmas. They pulled his lease! Walked over to Sears and just can’t believe the void. Surprised it’s not full of homeless illegals.

Exton Square Mall in Exton, PA (another PREIT mall) is in much worse shape than FSK. Nearly half the tenants are non-retail. Main Line Health has something like 1/4 of the store space and uses it for medical offices. The Chamber of Commerce uses other store space for offices, and there's a big post office attached to the mall as well. It's amazing the kinds of tenants they can find.

Not sure if anyone here has seen it, but Vice's TV channel had an amazing series at one point called "Abandoned" that was the project of Canadian pro-skater Rick McCrank. I pretty much hate that channel's other content, but this series was beautiful. The first episode was about ghost malls and the decline of the American shopping mall. You can watch the whole episode free on YouTube:

 

[Fredcohunter]

We'll hit up the DQ there when we've had dinner and want a blizzard for dessert as well.

Not any longer you wont. The DQ FSK Mall location is gone.

 

[tallen702]

Not any longer you wont. The DQ FSK Mall location is gone.

So, I guess they moved to Urbana because the JUST opened one there on the site of the old Peter Pan Inn.

 

[tallen702]

That place has been going downhill for a long time. We always see the sign opposite the Chick-fil-A and as of last week I think there were only 3 letters still lighting up in it. Its been that way for ages and they dont even fix it.

They must be reading this thread, because when we went past there tonight on our way to Cafe Bueno, there was a brand new sign installed.

 

[budman93]

They must be reading this thread, because when we went past there tonight on our way to Cafe Bueno, there was a brand new sign installed.

Lol, finally someone is listening to me

 

[gtodave]

The inside is still nice enough. We always laugh about the ad-hoc words that the sign makes (our favorite was still Franci ScoKey which sounds like some Hollywood socialite's name) but it was fairly crowded during the Christmas shopping season this year. We hit up DSW, PJ Watch & Jewelry Repair, Barnes and Noble, Macy's, JC Penney's, and the awesome rock shop that they have there at least once every few months. The rock shop is awesome. It's right across from Barnes and Noble inside the mall. They do seminars about geology and paleontology, have a gem mining trough for kids, and all kinds of amazing fossils and rocks. It's really cool and beats the pants off the shop downtown on Market Street. We'll hit up the DQ there when we've had dinner and want a blizzard for dessert as well. The tablet and cell phone repair shop there does a good job for a reasonable price as well.