A MAJOR mall owner has filed for bankruptcy to pay for a $2 billion debt due at the end of the year. Pennsylvania Real Estate Investment Trust, or PREIT, filed Chapter 11 for the second time in a few years. The company, which owns 18 shopping malls across the East Coast and Midwest, will continue to operate for the foreseeable future as it plans a restructuring to alleviate debts. All its malls will remain open during the restructuring period. The company said it is “absolutely not” going out of business. PAYBACK TIME Bankruptcy is generally used to liquidate assets to pay off steep debts. GettyShopping malls have struggled in recent years as online shopping becomes more
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