Bombay Co. leases to be sold by Gordon Bros. unit
By Staff -- Home Textiles Today, 11/12/2007 12:18:00 PM
Fort Worth, Texas -- The Bombay Company, which filed for bankruptcy earlier this fall, plans to hire DJM Realty to sell off all 335 of its store leases and five distribution centers leases in the United States.
The company previously announced plans to liquidate all of its U.S. stores in 41 states through a deal with liquidators Hilco Merchant Resources and Gordon Bros., and sell its remaining 50 Canadian stores to Canadian home goods and gifts retailers Bowring and Benix & Co.
“There are very few opportunities to offer a real estate portfolio as unique as Bombay’s, which consists of locations in elite malls, street front properties and strong strip outlet and lifestyle centers,” said DJM co-president Andy Graiser.
The plan is subject to bankruptcy court approval expected next week, and the companies said they anticipate an auction on the properties in mid-December. Liquidation sales at the stores are expected to run through the holidays and end no later than Jan 31.
Bombay’s U.S. stores are concentrated in the Northeast (73 stores), the Southeast (98 stores), the Midwest (50 stores) and California (53 stores).
(Reported by Clint Engel, senior retail editor at Furniture Today, an HTT sister publication.)