99 Cents Only Stores Reveals Bankruptcy Sale of 377-Property Portfolio
Following the announcement that it was closing its retail locations, 99 Cents Only Stores LLC has revealed that Hilco Real Estate LLC, in collaboration with Jefferies LLC, will manage the sale of its 377 real estate assets, encompassing 44 owned and 333 leased properties, as part of the retailer's bankruptcy Chapter 11 filing.
Commerce, Calif.-based 99 Cents Only Stores' retail locations can be found in major cities like the Dallas-Fort Worth and Houston areas, Phoenix, Las Vegas, and Los Angeles. The complete list of properties can be viewed at 99CentsRESales.com.
Known for their extensive array of products, including groceries, household goods, health and beauty products, and more, 99 Cents Only Stores locations vary in size from approximately 5,200 square feet to approximately 66,500 square feet. With an average size of 23,000 square feet, the portfolio boasts prime space for grocery and retail investors and developers. Alternative uses will also be considered.
Joel Schneider, SVP at Northbrook, Ill.-based Hilco Real Estate, said: “We understand the significance of these storefronts and encourage buyers to continue serving the community as a one-stop-shop retail provider. We invite investors and developers to explore the compelling opportunities they present, whether retail use or redevelopment."
The sale is being conducted by order of the U.S. Bankruptcy Court for the District of Delaware. All bids must be submitted on the approved asset purchase agreement available for review and download from 99CentsRESales.com.
Outside of the real estate sales, Hilco Merchant Resources will also oversee 99 Cents Only Stores' liquidation efforts, including the sale of all inventory and fixtures.
