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Facility Closures & Downsizings: Furniture Brands Files for Chapter 11; To Close 32 Facilities

Plus: Tesco Selling Fresh & Easy to Yucaipa; 50 Stores To Close; and the Latest Property Availabilities from Other Downsizing Firms
September 16, 2013
Furniture Brands International and certain of its wholly-owned subsidiaries filed for voluntary Chapter 11 bankruptcy reorganization. The retailer also announced it has an agreement to sell itself to affiliates of fund manager Oaktree Capital Management.

Oaktree will acquire substantially all of the assets of the firm except the company’s Lane Furniture business, which Furniture Brands plans to sell separately. As part of the bankruptcy filing, Furniture Brands has asked to cancel leases on 32 properties.


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Sheet3

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TenantLeased PremisesApprx. Monthly RentLease TermLandlord

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HDM Retail (f/k/a D-H Retail Space)26,600 SF at 130 South Central Ave., Hartsdale, NY$71,377December 28, 2003 - September 30, 2013Central Avenue Realty Company LP

.

Broyhill Furniture Industries202,949 SF at 2358 Cottonwood Ave., Riverside, CA$63,928December 1, 2004 - January 31, 2015Space Center Sycamore CanyonLLC

.

Thomasville Retail (f/k/a Classic Design Furnishings) 21,897 SF at 275 Route 4, Paramus, NJ$46,595March 1, 2003 - September 30, 2013The Mall at IV Group PropertiesLLC .

.

Lane Home Furnishings Retail21,827 SF at 5131 Brandywine Parkway, Wilmington, DE$39,270July 11, 2005 - October 31, 2015Acadia Realty Trust

.

Lane Home Furnishings Retail23,548 SF at DeKalb Plaza, Store No. A100, 330 W. DeKalb Pike, King of Prussia, PA$38,854December 22, 2004 - December 31, 2014Kravco Simon Co.

.

Lane Home Furnishings Retail19,906 SF at 976 Bethlehem Pike, North Wales, PA$35,582May 2, 2005 - May 2, 2015Integral Development Associates

.

Lane Home Furnishings Retail20,000 SF at 5780 Centennial Center Blvd., Las Vegas, NV$35,300August 12, 2004 - April 30, 2017Centennial 2009 LP

.

Lane Home Furnishings Retail20,010 SF at 1487 North Dysart Road, Avondale, AZ$34,851June 25, 2005 - June 25, 2015Grace Avondale LL c/o W.M. Grace Co.

.

Lane Home Furnishings Retail20,185 SF at 20901 Hawthorne Blvd., Torrance, CA 90503$33,239April 1, 2004 - March 31, 2014DNJAY OneLLC c/o Leather Expo Inc.

.

Thomasville Retail (f/k/a Classic Design Furnishings)15,103 SF at 98 Route 10 West, East Hanover, NJ$31,842December 13, 2004 - December 31, 2014Williams ParkwayLLC

.

Broyhill Retail22,800 SF of retail space at 1690 Highway K, O’Fallon, MO$31,350March 5, 2006 - March 31, 2016CapHarbor Realty AdvisorsLLC

.

HDM Retail (f/k/a D-H Retail Space)19,879 SF at 4240 Furniture Ave., Jamestown, NC$30,504May 1, 2005 - April 30, 2015Evco Construction Co. Inc.

.

Lane Home Furnishings Retail22,875 SF at 14250A Manchester Blvd., Manchester, MO$26,592June 28, 2005 - June 27, 2015A&R Manchester,

.

Thomasville Retail (f/k/a Classic Design Furnishings)13,044 SF at Route 35 at 36, Eatontown, NJ$26,305January 1, 2004 - January 31, 2019Eatontown Monmouth Mall LLC and Vornado Realty Trust

.

Thomasville Retail15,421 SF at 3901 Design Center Way Palm Beach Gardens, FL$26,151February 1, 2007 - February 28, 2017PGA Design c/o Kessinger Hunter & Company, LC

.

Lane Home Furnishings Retail18,000 SF at 1620 Highway K, O’Fallon, MO$25,575March 5, 2006 - March 31, 2016CapHarbor Realty AdvisorsLLC

.

Lane Home Furnishings Retail17,320 SF at 7922 Dublin Blvd., Dublin, CA$25,402January 1, 2005 - May 31, 2015Gilroy Theatre Co. Inc. and SPI Breuners DublinLLC

.

HDM Retail (f/k/a D-H Retail Space)15,336 SF at 68 Carolina Point Parkway, Greenville, SC$24,768April 1, 2006 - March 31, 2016EVCO Construction Co. Inc.

.

Thomasville Retail (f/k/a Classic Design Furnishings)10,146 SF at 530 West Francisco Blvd., San Rafael, CA$24,646March 1, 2005 - February 28, 2015McPhail’s Inc.

.

Thomasville Retail (f/k/a Classic Design Furnishings)14,520 SF at 66 Carolina Point Parkway, Greenville, SC$24,382April 22, 2006 - April 30, 2016EVCO Construction Co. Inc.

.

Lane Home Furnishings Retail15,343 SF at 5850 University Drive, Huntsville, AL$23,910July 12, 2004 - July 31, 2014Secured Properties Investors XII LP

.

Thomasville Retail (f/k/a Classic Design Furnishings)10,500 SF at 1530 Camino de la Reina, Suite C, San Diego, CA$23,100October 21, 2004 - October 31, 2014 Sunbelt Management Co.

.

Thomasville Retail (f/k/a Classic Design Furnishings)15,780 SF at 650 Frazier Drive, Franklin, TN$23,013October 1, 2005 - September 30, 2015Brookside Properties Inc.

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Lane Home Furnishings Retail23,000 SF at 3840 Route 42, Black Horse Pike, Turnersville, NJ$22,578June 23, 2007 - October 30, 2017StelaurLLC

.

Broyhill Retail19,865 SF at Vista Ridge Plaza, 420 E. Round Grove Road, Lewisville, TX$21,520April 23, 2005 - April 30, 2015Kimco Lewisville LP8

.

Thomasville Retail17,000 SF at 5951 South 180th St., Tukwila, WA$21,250October 28, 2000 - October 31, 2015Franmo HoldingsLLC Gary Gallelli

.

Thomasville Retail (f/k/a Classic Design Furnishings)14,058 SF at 1431-1441 Randall Road, Geneva, IL$18,744November 27, 2001 - May 31, 2014White BreadLLC

.

Thomasville Retail (f/k/a Classic Design Furnishings)12,750 SF at 12551 Jefferson Ave., Newport News, VA$17,000September 30, 2005 - October 31, 2015Retail Properties of America Inc

.

Thomasville Retail (f/k/a Classic Design Furnishings)12,565 SF at Fayette Pavilion III Shopping Center, 230 Pavilion Parkway, Fayetteville, GA$15,706January 8, 2005 - January 31, 2015Developers Diversified Realty Corp.

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Broyhill Furniture Industries81,200 SF of premises located at 418 Prospect St., Lenoir, NC$10,417April 1, 1998 - December 31, 2013Michael MunozLLC

.

The Lane Co.9,090 SF at 1425 Ellsworth Industrial Drive, Atlanta, GA$8,763December 19, 2003 - May 18, 2014Lumber Yard Partners LLC c/o The Courtland Co.

.

Furniture Brands Resource Co.2,500 at Archer’s Business Center, 1404 East Central Ave., Suite 14, Bentonville, AK$2,906November 25, 2008 - July 31, 2015JW Properties Group



Tesco Selling Fresh & Easy to Yucaipa; 50 Stores To Close


Following its strategic review in the United States, Europe-based Tesco agreed to sell the substantive part of its Fresh & Easy’s operating business to YFE Holdings Inc., an affiliate of Yucaipa Companies LLC in Mexico.

Yucaipa is reportedly buying 150 of Fresh & Easy’s 200 stores as well as its Riverside, CA, distribution and production facilities.

Those stores not included in the transaction will be closed over the coming weeks. A list of stores involved in the deal has not yet been released.

“Though the chain will initially close 50 locations (and this number may even increase as they root out underperformers), I expect new ownership to eventually return to growth mode-possibly aggressive growth mode,” Garrick Brown, Director of Research for Cassidy Turley wrote last week in his Research Rant. “Yes, the 50 or so closures will return about 750,000 square feet of space to the marketplace-impacting Las Vegas, Phoenix, Sacramento and Southern California most. However, their typical footprint of 15,000 square feet won’t face anywhere near the leasing challenges that larger, traditional grocery stores in the 50,000 to 80,000 square foot range typically face. The potential retail tenant pool for this size range is actually fairly decent.”


Facility Closures & Downsizings


Patriot Coal Corp.

plans to idle its Logan County complex near Man, WV. Approximately 250 employees will be impacted.


Sheet2

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CompanyAddressCityStateClosure or LayoffNo. of LayoffsImpact Date

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Blount International3901 SE Naef RoadMilwaukieORLayoff19910/22/2013

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Bank of America16001 N. Dallas PkwyAddisonTXLayoff1139/30/2013

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JP Morgan Chase-Mortgage Bank1111 North Point DriveCoppellTXClosure5210/11/2013

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Bank of America1201 Main St.DallasTXLayoff879/30/2013

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International Paper-Edinburg East Container Plant1010 Chapin RoadEdinburgTXClosure1059/20/2013

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JPMorgan Chase - Chase Home Lending14800 Frye RoadFt. WorthTXClosure45110/11/2013

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Pentagroup Financial5959 Corporate Drive, Suite 1400HoustonTXClosure1239/27/2013

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Xerox Business Services1390 Don HaskinsHoustonTXLayoff819/27/2013

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Retreat Capital Management6303 Commerce Drive, Suites 180, 150IrvingTXClosure7310/10/2013

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Walmart-Laredo Distribution Center40781 Black DiamondLaredoTXClosure539/16/2013

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Bank of America2375 Glenville DriveRichardsonTXLayoff3249/30/2013

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Carrier Corp.1700 E. Duncan St.TylerTXClosure1029/30/2013

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JPMorgan Chase111 E. Wisconsin Ave.MilwaukeeWIClosure9410/11/2013

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AxleTech International1005 High Ave.OshkoshWILayoff6311/15/2013



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