Mall Owner CBL Prepares to File for Bankruptcy Protection (1)

CBL & Associates Properties Inc., the owner of more than 100 shopping malls across the U.S., is preparing to file for bankruptcy, according to people with knowledge of the plans.

The company has been negotiating with its lenders in an effort to enter Chapter 11 with a consensual restructuring agreement in place, said the people, who asked not to be identified discussing confidential matters. The plans aren’t final, and elements could change, the people said. CBL declined to comment.

CBL, which operates mostly so-called Class B malls, has been hurt in part by struggles of retailers including Dick’s Sporting ...