CBL’s progress and stability
Posted on November 4, 2009 at 7:57 amThe boss of Chattanooga-based mall operator CBL — which runs three of the Nashville area’s largest shopping hubs — says he’s encouraged by “improving trends.” Occupancy rates rose by at least one percentage point in every one of the company’s categories, but shoppers appear to be giving smaller operators an especially hard time: Same-store sales for tenants occupying less than 10,000 square feet fell more than 6 percent from a year ago.
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CBL extends debt deal
Posted on September 29, 2009 at 8:29 amMall owner CBL & Associates has negotiated with its bank to extend the maturity of more than $500 million in debt by two years. CFO John Foy said the deal is “a demonstration of the strength of our lending relationships and the confidence they have in our business.”
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Retail’s weakest really wobbling now
Posted on August 5, 2009 at 8:25 am
The second-quarter numbers from mall operator CBL & Associates give us a glimpse of where the retail sector is feeling the most pain: Malls that already were struggling and smaller strip centers. The company’s higher-end destinations — such as the Cool Springs Galleria — are holding their own when it comes to occupancy, although CBL says sales for non-anchor tenants slipped 6 percent from a year ago
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CBL in big stock sale
Posted on June 9, 2009 at 6:31 amThe owner of CoolSprings Galleria, RiverGate Mall and Hickory Hollow Mall plans to sell up to 57.5 million shares (Ticker: CBL) as it continues to rework its capital structure. Separately, the company also said it is making progress on its $560 million unsecured credit line.
Based on the pricing action in pre-marketing trading – the stock is down more than 10 percent – and the offering’s expected discount to current prices, CBL likely will raise about $300 million.
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Mall owner extends credit line
Posted on May 14, 2009 at 1:37 pmChattanooga’s CBL (Ticker: CBL), which owns CoolSprings Galleria, RiverGate Mall and Hickory Hollow Mall, has extended its $105 million facility to June of next year.
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Three new leases at Galleria
Posted on April 20, 2009 at 10:27 pm
Luxury bag retailer Coach is the biggest name of the trio that will open between now and early next year. It’ll be the company’s second local store, joining the one in Green Hills. Also on board are Soma Intimates and teen-oriented Pacific Sunwear.
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Council member wants stimulus cash for Hickory Hollow
Posted on March 18, 2009 at 2:58 pmSam Coleman says the struggling mall needs the money for an improvement district focused on public safety.
Coleman likened the Hickory Hollow situation to last year’s approval by the Dean administration of a tax-increment financing deal to improve Bellevue Center Mall.
“… Due to the economy, business owners simply do not have money to pay for the additional assessment that would be required to implement the Central Business Improvement District,” his letter stated.
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Jeweler closing more than 100 stores
Posted on February 25, 2009 at 1:50 pmThe parent of Zales is in full cost-cutting mode and will let go of 115 of its roughly 2,000 locations when their leases expire. The company runs four local stores – three of them at CBL-owned malls – but there’s no word on their future.
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