- JCPenney is selling off the leases for 142 stores it occupies and 21 stores it owns across the nation.
- The dispositions are portion of a knowing by the bankrupt retailer to dramatically cull its portfolio of virtually 850 stores and slice costs.
- A individual focused on the sale of the stores and leases said extra locations may perhaps maybe also very successfully be offered to investors in the impending months.
- Talk over with Alternate Insider’s homepage for added reports.
Bankrupt department-retailer chain JCPenney is making an strive dump true property as it navigates by Chapter 11 with a knowing to emerge by a sale of the emblem.
The firm has hired Cushman & Wakefield and B. Riley Real Property to market 21 stores it owns and the leases for one more 142 stores across the nation to doable investors, in step with advertising and marketing materials seen by Alternate Insider.
“We accept as true with no touch upon the stores or leases we’re selling,” a spokeswoman for JCPenney said.
“There is all forms of interest and there are some appropriate properties here,” said Jim Terrell, a predominant at the true-property companies and brokerage company B. Riley Real Property. “There are residential investors who may perhaps maybe also redevelop these properties and there may perhaps be storage avid gamers who may perhaps maybe also employ them for logistics. And then you definately accept as true with stores themselves who may perhaps maybe also prefer it.”
JCPenney had beforehand said it’s closing 151 locations this one year and 242 locations in total as portion of its monetary catastrophe.
Michael Jerbich, B. Riley Real Property’s president, who is engaged on the deals to put off the locations for the department-retailer tag, said the leased retailer locations would seemingly all be closed and offered off by the autumn. Bids are due for the leases by mid-September.
The owned stores may perhaps maybe also seize longer to sell, he said.
“The owned properties are aloof working and their points in time will fluctuate, with some continuing to characteristic for some time while others may perhaps maybe also shut sooner,” Jerbich said.
Jerbich urged that JCPenney may perhaps maybe also offer utterly different locations amongst the almost 850 stores it occupies for sale in the impending months.
“Even supposing there need to no longer further stores being offered for sale at the moment, that may perhaps maybe even commerce as the technique evolves,” he said.
JCPenney’s monetary catastrophe attorney this week said the firm has bought bids from enthusiastic investors and that a sale may perhaps maybe also carry it out monetary catastrophe and repair it inspire on a solid monetary footing. Lots of investors accept as true with been reported to be making an are trying at the emblem, along side the non-public-equity company Sycamore and even the e-commerce massive Amazon.
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