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BALTIMORE, MD-Three of Prime Retail’s nine Board of Directors members–William P. Dickey, Norman Perlmutter and Robert D. Perlmutter–resign from the company, as it suffers serious financial woes. Only two of the departing executives will be replaced during a special shareholder meeting next month.

“Bill, Norman and Bobby have been valued members of our Board since our June, 1998 mergers with Horizon Group, Inc. We thank them for their service and counsel,” says President and CEO Glenn D. Reschke in a statement on the departures. Prime Retail became the nation’s largest outlet center REIT, claiming ownership of about 24% of the market after merging with Horizon in a $945 million transaction. Despite 90% occupancy at its 45 centers throughout the US and Puerto Rico, Prime Retail has run into trouble as of late. The New York Stock Exchange removed the company from listings in late September after its shares traded for less than $1 for more than a year.

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