Toys “R” Us continues to fade away like a victim of the Thanos Snap, after closing its doors earlier this summer. Now comes a report that over 120 Toys “R” Us and Babies “R” Us stores are going up for auction.
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Market Watch reports that an August 13 -14th auction will include 123 Toys “R” Us locations in twenty-nine states. In midst of these assets being sold off, there is already a movement in the works to reboot the retailer, which is being spearheaded by former CEO, Jerry Storch. No word yet on how far along that effort is; it was reported earlier that this sort of auctioning off of the company’s assets could be a major challenge to a reboot effort.
You can check out the full press release about the event, below:
“NEW YORK, July 31, 2018 /PRNewswire/ — In a rare opportunity for retailers, landlords and real estate investors, a total of 123 Toys “R” Us and Babies “R” Us owned and ground-leased properties in 29 states will be auctioned on August 13-14 in Manhattan, provided that qualified bids exceed a certain threshold on August 7 [th] . Advisory and real estate brokerage A&G Realty Partners is conducting the auction and Lazard is acting as investment banker to Toys “R” Us and its affiliated debtors. The deadline for all bids is August 7 [th] .
With stores ranging in size from 20,000 to 65,000 square feet, the assets on offer include 10 locations in California, 18 in Ohio and multiple stores in states such as Illinois, Massachusetts and Pennsylvania.
The two-day auction will begin at 10:00 a.m. on August 13 [th] at the Manhattan offices of debtors’ counsel Kirkland & Ellis LLP, 601 Lexington Ave., provided that qualified bids exceed a certain threshold on August 7 [th] . The properties include Toys “R” Us and Babies “R” Us locations, as well as side-by-side or combined stores featuring both nameplates. Some of the sites are freestanding, while others are located in shopping centers. They include 112 owned and 11 ground-leased properties, according to A&G Realty, which in prior auctions sold more than 130 Toys “R” Us sites.
“This latest auction presents a rare opportunity for buyers to advance their real estate strategies with well located, high-visibility big-box sites that can work for single-users or be subdivided,” said Emilio Amendola, Co-President of A&G Realty. “Rarely do these many prime retail properties become available all at once. As with our prior, well-attended auctions for Toys “R” Us sites, we anticipate a robust response to this group of properties.“
We’ll keep you updated about what happens with this Toys “R” Us auction.
