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More Toys “R” Us stores went up for sale. Here’s what’s moving in
Another round of closing Toys R Us shops has been bid on.
Successful bidders include Aldi, Big Lots and Ashley Furniture, according to court documents filed Wednesday.
The toy retailer, which filed for bankruptcy late last year, had more than 800 locations across the U.S. Many are still up for grabs.
published on CNBC, by Lauren Thomas [@laurenthomasx3], June 14, 2018 [link]
The liquidation of Toys R Us is proving to be a long and complex process.
The toy retailer, having filed for bankruptcy protection late last year and kicking off liquidation sales around this March, is slowly selling its real estate — what amounted to more than 800 stores across the U.S.
Some retailers, like Dick’s Sporting Goods, have said they will consider opening more stores when rents come down and they are able to get a better deal on the real estate. Other companies, including Barnes & Noble and T.J. Maxx, are actively looking to reposition their stores and move into better shopping centers.
In many instances, landlords are buying back the vacated Toys R Us boxes and will take it upon themselves to find new tenants.
“I think there is going to be solid demand for these locations,” Bill Read, Executive Vice President of consulting group Retail Specialists, told CNBC. “Most are around successful malls with high barriers to entry, solid demographics and high incomes. The locations by ‘B’ and ‘C’ malls may take longer to sell or lease.”
“There are also a lot of people waiting on the sidelines to see how the [Toys R Us locations] price and if they can get a bargain for the real estate,” Read said.
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EVP of Leasing, Acquisitions and Business Development