For the second time in 3 years, Dartmouth Mall owner PREIT, or Pennsylvania Real Estate Investment Trust, filed for Chapter 11 bankruptcy in federal court on Dec. 11. With the filing, PREIT will also become a privately owned company.

“The filing will ensure that PREIT can continue all business operations without interruption while it obtains necessary approvals of its financial restructuring,” the business said in a press release announcing the decision. 

The release said the decision would allow the company to “reduce its total indebtedness by approximately $880 million and extend its maturity runway.” The company expects to emerge from bankruptcy in February 2024. 

PREIT owns 19 malls on the east coast, many of which are in Pennsylvania and New Jersey.