Northpark Mall owners to file for bankruptcy

The company that owns the Northpark Mall in Joplin is expected to file for Chapter 11 bankruptcy.

CBL & Associates Properties owns more than 100 properties in 26 states. However, the malls that the company owns are expected to stay open during the court process.

The company says they’ve seen less foot traffic, shuttered retail space, and rents too low to cover more than $3 billion in debt. In April, CBL said it only received rent from about 27% of its tenants.

The company said they have reached a deal to get rid of $900 million of their debt.