KENTWOOD, Mich. - Pennsylvania Real Estate Investment Trust (PREIT), the parent company of Woodland Mall, has recently filed for Chapter 11 bankruptcy as part of its plan to reorganize and reduce debt by $880 million, according to reports by Crain's Grand Rapids Business, a partner of News 8.

The filing, which took place on Sunday, will enable PREIT to undertake necessary steps to restructure its financial obligations, while Woodland Mall itself will continue to function normally. In a statement provided to News 8, a spokesperson for the mall assured customers that Woodland Mall is not a debtor in the case, as it collateralizes a separate mortgage loan.

"The mall's loan is expected to be extended," the spokesperson confirmed, offering reassurance that shoppers can expect the continuation of the same enjoyable experience they have always had at Woodland Mall well into the future.

This is not the first time PREIT has sought bankruptcy protection. In November 2020, the company also filed for Chapter 11 bankruptcy, indicating a consistent pattern of financial reorganization efforts. The recent filing further underlines PREIT's commitment to addressing its financial challenges and securing a sustainable future for its properties, including Woodland Mall.

As residents and visitors of Kentwood wait to see the impact of the bankruptcy filing, it is worth noting that Woodland Mall remains a popular shopping destination, offering a wide range of stores and diverse retail experiences. Moreover, there appears to be even more excitement on the horizon as reports suggest that a new entertainment center called 'Main Event' is scheduled to be introduced at Woodland Mall shortly.

While the details and timeline of the introduction of 'Main Event' are yet to be revealed, this addition is expected to enhance the overall shopping experience at Woodland Mall and further solidify its reputation as a thriving retail hub for the region.

As PREIT navigates through Chapter 11 bankruptcy proceedings, it is essential for stakeholders and customers to stay informed about the developments surrounding Woodland Mall. In the meantime, shoppers can anticipate continued excellent services and a variety of retail options at the mall, making it a go-to destination for all their shopping needs.