Fans of the Springfield Mall may be a bit nervous with all the news surrounding mall owner PREIT’s two bankruptcy filings, but the new executive chairman of the PREIT board, Glenn Rufrano, sees a bright future, writes Paul Schwedelson for Philadelphia Business Journal.

Rufrano was approached by PREIT”s new owners, Redwood Capital Management and Nut Tree Capital, to take on the leadership role following the company’s restructuring under a second Chapter 11 bankruptcy filing in December.

Rufrano ,74, brings 35 years’ experience stabilizing and repositioning real estate companies.

The new chairman said he was intrigued by PREIT’s portfolio of 18 malls. Rufrano was chairman of the International Council of Shopping Centers.

The restructuring reduced PREIT’s debt by $835 million and infused $130 in new financing from the two new owners.

A shortage of new retail space is creating a demand that will bring tenants back to the malls, he believes.

PREIT is addressing the challenge of losing anchor tenants by finding new ways to utilize mall properties, he added.

“You have to expand your thinking beyond just pure retail,” Rufrano said. “PREIT has a lot of good sites and good locations within their portfolio.”

Read more about Glenn Rufrano and the future of PREIT in the Philadelphia Business Journal.