Feinblum marketing 34 closing Levitz stores
By Clint Engel -- Furniture Today, January 15, 2006
Plainview, N.Y — Julius M. Feinblum Real Estate is marketing the closing Levitz Home Furnishings Inc. stores to the furniture industry.
Hilco Real Estate, the real estate consultant to LHFI's new owner Prentice Capital Management, hired Feinblum to market the 34 closing stores and "any future closing properties," said President Julius Feinblum.
He estimated that 30% to 40% of the first 34 stores could remain in the furniture industry, noting that about 30 of 52 former Rhodes stores were acquired by furniture retailers, including Rooms To Go. Last year, RTG, through an affiliate, partnered with Great American Group to acquire Rhodes' assets out of bankruptcy.
Late last year, Prentice teamed with Great American to buy Levitz, which filed for Chapter 11 bankruptcy Oct. 11. Prentice said it would close 34 stores, including all units in the Philadelphia and Connecticut markets. Prentice plans to focus on profitable New York and West Coast markets, and said it will have 79 Levitz stores after the closings.
Feinblum said his firm also is working with various investment groups to analyze the big-box locations of several other retailers that have announced closings, including OfficeMax, Toys R Us and Media Play.
"In general, retail conditions have not been good for the last year and a half ... and the big-box (retailers) are doing the right thing by getting rid of (poor-performing stores) before it's too late and causes serious damage," he said.
The furniture industry has been a significant player in recent years, snapping up some of these dispositions, Feinblum said.
He said the availability of properties is helping create opportunity and real estate values, particularly for big regional players and dedicated factory store programs.
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Feinblum to market Levitz stores
Jan 12, 2006
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