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Closings
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ClosingsBradlee’s (781-380-8203) has declared bankruptcy and will liquidate its locations. The 105-unit chain’s flagship store on Manhattan’s Union Square with a lease expiring March 2002 is rumored to being eyed by Target and H&M. The company is carrying $227.4 million in debt and will attempt to sell its existing leases.
Montgomery Ward (312-467-2000) has filed for chapter 11 protection and will be closing its 250-plus stores nationwide. The retailer had been operating for 128 years as a catalog and general department store retailer.
Paul Harris (317-293-3900) will close as many as 50 unprofitable stores as part of its chapter 11 bankruptcy reorganization. The company is trying to negotiate lower rent in lieu of several closures but closed 47 stores through the end of 2000. The women’s specialty retailer has retained Keen Realty to dispose its excess space.
MexMasters (941-275-1176 ext. 1221) trading as Chevys Fresh Mex will close at Fall of the Neuse Road in Raleigh, NC. The site is available for sale.
J.C. Penney (972-431-1000) will close between 10 and 50 stores in 2001. The company closed 45 stores in 2000, and is the parent company of the Eckerd Drugstore chain that closed 279 locations in the last year. The company will close its store at Crossroads Mall in Boulder, CO next month.
Kmart (248-643-1000) will close at Lindbergh Plaza in Atlanta, GA when its lease expires in 2003. Noro Broadview Holding Co., the landowner, will develop the site into a high-rise mixed-use center. Kmart is expected to open a new store in the trade area.
Piccadilly Cafeteria (800-535-9974) closed at Lenox Square Mall in Atlanta, GA. The unit was on a short term lease and was closed to allow sewer access for the Clubhouse restaurant.
Siebke-Hoyt Jewelers (319-363-2003) will move from its downtown Cedar Rapids, IA site that the company has operated for 111 years to an 8,000 sq.ft. store at Lindale Crossing. The move will occur in March. The company will continue to own the building which will be leased through Scott Byers at Iowa Realty, 319-365-0581.
Jillian’s (502-638-9008) will not open at Union Station in Indianapolis, IN. The company did not sign the final offer of the Metropolitan Development Commission who had made the offer based on a letter of intent signed in August stating that Jillian’s would take 45,000 sq.ft. at a rent of $525,000 per year.
Gart Sports (303-861-1122) will close its stores at Cherry Creek Shopping Center and Aurora Mall in CO. The leases expired on the sites and the company is moving toward locating future stores in power centers and freestanding facilities. The company will also close a smaller store in Price, UT. Gart operates 123 stores.
Jitney-Jungle Stores of America (601-949-5468) has had its liquidation plan approved by the US Bankruptcy Court in New Orleans, LA. The deal paves the way for Winn-Dixie to buy 68 grocery stores and 32 fuel centers from the company in MS, AL and LA. The stores will be organized under Winn-Dixie’s LA division, but will operate under their current banners. Bruno’s Supermarkets will also purchase 19 supermarkets in AL, FL and MS; five liquor stores in FL and two gas stations in AL and MS. The company also purchased the inventory of Jitney-Jungle’s Fayette, AL location but will close the store. Bruno’s will reopen the stores under its brand name. Jitney-Jungle will sell all of its 133 grocery stores, 42 gas stations and nine liquor stores to comply with the terms of its bankruptcy.
Natural Wonders Inc. (510-252-6600) has declared bankruptcy. The 309-unit chain does not plan to close any stores at this point of reorganization.
Toys ‘R’ Us (201-599-7850) is looking for a tenant to sublease its multi-level 57,000 sq.ft. space at 10 South State Street in Chicago, IL. The area has undergone redevelopment and Toys ‘R’ Us is the first tenant to look to leave.
Rite Aid (717-761-2633) will close three stores in CT. Two Waterbury locations (Wolcott Street and North Main Street) will close due to under performance. The Manchester, CT site will also close.
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