Pending bankruptcy court approval, A&G will auction additional leases as part of the Chapter 11 bankruptcy process for the bridal and special occasion retailer
NEW YORK, June 1, 2023 /PRNewswire/ -- A&G Real Estate Partners is entertaining offers on 49 David's Bridal leases across the United States—transactions that must be presented for bankruptcy court approval by June 30.
"Interested retailers and landlords need to act now to seize these excellent real estate opportunities while they're still available," said A&G Senior Managing Director Mike Matlat.
Acting in its capacity as real estate advisor to the Conshohocken, Pennsylvania-based retailer, A&G also plans to hold a July bankruptcy auction of an additional select group of David's Bridal leases, pending court approval of bid procedures and determination of the auction date and deadline.
"It's part of a parallel marketing process in which David's Bridal, LLC, is entertaining offers for the company as a going-concern business, including certain brick-and-mortar locations," noted A&G Senior Managing Director Todd Eyler
This past April, David's Bridal, LLC, announced that it and certain of its subsidiaries had filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey.
The company's portfolio includes inline, end cap and freestanding locations in well-located retail districts all over the United States. The stores range in size from approximately 5,000 to more than 15,000 square feet.
"Second-generation space is in strong demand nationally for a variety of reasons—including the high cost of buildout for brand-new stores and the lack of construction of new shopping centers," Eyler said.
Added Matlat: "These leases represent a rare opportunity for expanding retailers to grow their real estate portfolios quickly and cost-effectively."
For the store list and additional information, visit https://www.agrep.com/index.php/real-estate-for-sale
SOURCE A&G Real Estate Partners