Borders sold books and other educational and entertainment items at more than 900 stores prior to its Feb. 16 Chapter 11 bankruptcy filing. Gordon Bros. and Hilco Merchant Resources were the opening bidders for a planned liquidation auction and will now buy the assets and liquidate the business, according to a Bloomberg news report.
There are 259 remaining leases available ranging from 10,000 to 40,218 square feet.
But the deal still needs court approval and faces objections from creditors and landlords who say the action is rushed, the report said.
“This group of Borders’ stores has generated very strong interest from retailers,” Andy Graiser, co-president of DJM Realty, said in a release. “With a lack of new real estate development and restrictive barriers of entry in several key markets, surplus real estate like Borders becomes a very good opportunity for a number of growing retailers looking to open for business during the next four to 12 months.”
Julius Feinblum, industry real estate expert and president of Julius M. Feinblum Real Estate of Plainview, N.Y., said he has been evaluating many of the locations for interested furniture retailers.
“The big question is where is the best value – through the bankruptcy proceeding or through landlords,” when and if properties are returned to them, he said.
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