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CHATTANOOGA, Tenn.–(BUSINESS WIRE)–CBL Properties (OTCMKTS:CBLAQ) today announced the launch of a new campaign highlighting the local impact of its shopping centers in their communities. Across its portfolio, CBL is home to more than 1,300 locally owned businesses.
“Customers don’t always realize that when they visit their hometown mall, they are supporting local businesses,” said Stephen Lebovitz, chief executive officer, CBL Properties. “By visiting their local CBL mall they are bringing to fruition the dreams of local entrepreneurs, contributing to the funding of critical school and community programs through sales and ad valorem tax, helping local non-profit organizations and creating job opportunities for their friends and neighbors employed at or around the mall. We are proud of the prominent role we play in contributing to our local communities.”
CBL’s properties are economic engines in their markets, employing an estimated 100,000 people across 24 states and contributing nearly $70 million in annual property taxes as well as millions of dollars in annual sales tax that fund vital programs in their communities. Each property is a valued community partner, serving as host to over 350 community and other events throughout a typical year (pre-COVID). The more than 1,300 locally owned businesses that operate across CBL’s portfolio comprise more than 3.2 million square feet and generate over $284 million in annual sales.
“Our properties are where people work their first job or build lifelong careers, they are hubs of social interaction, and community partners providing support to local non-profit organizations,” Lebovitz said. “Our properties are a place where entrepreneurs can start a business and build on their success.”
Some of the unique local businesses available to shop at CBL properties include Bourbon Creek at Fayette Mall in Lexington, Kentucky, Bo2S Lady Designs at West Towne Mall in Madison, Wisconsin, and Mason & Magnolia at Coastal Grand in Myrtle Beach, South Carolina. These locally owned retailers, and numerous others, will be featured on CBL’s social media and local TV segments as part of the company’s ongoing “We Are Local” campaign.
Bourbon Creek at Fayette Mall, owned by a husband and wife team who live and work in Lexington, creates custom home décor items using aged reclaimed lumber, barn wood, and Kentucky bourbon barrels. “I believe there is a very small group of people out there that know they’re on life’s treadmill and want so badly to work for themselves,” said Mark Thomas, owner of Bourbon Creek. “But, they’re not sure if they can afford it or they’re concerned the business may fail. It was an incredible and profitable adventure partnering with CBL from the very beginning.”
Lebovitz added, “Building relationships with local entrepreneurs and helping them realize their dream to open a brick-and-mortar location has always been a foundational component of our business. Whether it’s a local franchisee of a national chain or a small business owner with one location, each operator is a critical part of our properties.”
Businesses and entrepreneurs can learn more about short-term and long-term leasing opportunities at CBL’s properties by clicking here.
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No Solicitation or Offer
Any new securities to be issued pursuant to the restructuring transactions may not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws but may be issued pursuant to an exemption from such registration provided in the U.S. bankruptcy code. Such new securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell or buy, nor the solicitation of an offer to sell or buy, any securities referred to herein, nor is this press release a solicitation of consents to or votes to accept any chapter 11 plan. Any solicitation or offer will only be made pursuant to a confidential offering memorandum and disclosure statement and only to such persons and in such jurisdictions as is permitted under applicable law.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 105 properties totaling 64.6 million square feet across 24 states, including 64 high-quality enclosed, outlet and open-air retail centers and seven properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information, visit cblproperties.com.
Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.
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