Big Lots, which operates more than 1,300 stores across 48 states, filed for bankruptcy protection this week, and A&G Real Estate Partners announced plans to market 296 of its store leases for sale across the U.S.
The discount retailer received court authorization to begin the sale process for 144 of its initial store leases, and, in the coming weeks, Big Lots will seek court approval of procedures to commence a sale process for 152 additional store leases.
The bid deadline for the auction process regarding the initial leases, which range in size from 18,000 to 58,400 square feet, is currently Monday.
None of the initial leases are located in New Jersey; however, there is one additional lease within the Garden State that eventually will be sold.
“On behalf of the company, A&G is currently engaged in nationwide lease-restructuring negotiations for Big Lots locations that have the greatest likelihood of serving customers going forward,” A&G co-President Andy Graiser said.
“These locations are in desirable, strategically positioned shopping centers and markets across the United States,” A&G co-President Emilio Amendola said. “At a time when retail occupancies are the tightest in recent memory, the availability of these leases presents an incredible opportunity.”
The initial leases are located in 28 states, including 55 stores in California. The additional leases are located in 34 states, including the one in New Jersey and 20 in California.
