“We think these bankruptcies are likely to have a significant impact on the availability of attractive new store locations … we’re confident that these bankruptcies will strengthen our new store pipeline,” said O’Sullivan. It aimed to open even more in the coming years.ĭuring a call with analysts, CEO Michael O’Sullivan said the company had its eye on “retail bankruptcies.” When Burlington reported earnings for the three months that ended April 29, the company noted it planned to open 70 to 80 net new stores in fiscal 2023. The leases sold are for stores that range in size from 14,000 square feet all the way to 92,000 square feet. Leases for the Buy Buy Baby outposts could be clawed back depending on what happens at an auction for the chain’s assets, Bed Bath & Beyond said in a court filing. The leases are for both Bed Bath & Beyond and Buy Buy Baby locations. Those landlords can now find their own tenants and potentially get a higher rent price than they’d be able to within the auction process. Landlords apart from those companies won 37 of the leases, the next-largest portion after Burlington. Macy’s paid $1.2 million for a lease in ritzy Winter Park, Florida, for a potential Bloomingdale’s location, and Barnes & Noble secured a lease in Concord, North Carolina, for $129,015. The other winners include grocers, premium furniture stores and discounters.
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