OVERLAND PARK, KS (KCTV) -- Mall owner CBL Properties is planning to file for Chapter 11 bankruptcy because of the coronavirus.
CBL owns more than 100 properties in 26 states including Oak Park Mall in Overland Park. Malls are expected to stay open during the court process.
The company says they are a victim of dwindling foot traffic, shuttered retail space and rents too low to cover more than $3 billion in debt.
CBL previously warned investors it was in trouble because tenants weren’t paying their rent.