MELVILLE, NY—A&G Realty Partners said Monday it has been retained by RadioShack Corp. to manage the sale of store leases and warehouses. It's the latest development in a store-closing process that was fast-tracked Friday by the US Bankruptcy Court judge presiding over Fort Worth-based RadioShack's Chapter 11 filing, who granted an interim order in advance of a Feb. 20 final hearing on the closings.
Nearly 1,800 of the consumer electronics chain's stores across 49 states, the District of Columbia and Puerto Rico have been slated to go dark, according to a list posted to the website of Hilco Global. A joint venture of Hilco Merchant Resources, Gordon Brothers Group and Tiger Capital Group got the go-ahead on Friday from Judge Brendan L. Shannon at US Bankruptcy Court in Delaware to commence store-closing sales, which began immediately. A&G's task will be to sell the real estate, and co-president Andy Graiser tells GlobeSt.com the sales are expected to go quickly.
Although it's still early in the process, Graiser says he anticipates a number of the stores to be bought in bulk. “We're expecting interest from some of the other carriers, as well as retailer groups,” he tells GlobeSt.com. As many as 1,750 of RadioShack's 4,000 locations would be co-branded with wireless carrier Sprint under a bankruptcy plan announced Thursday.
The closings will occur in waves, and A&G has begun accepting bids on the leases, which range from 1,200 to 5,300 square feet. The stores slated for closure are located in virtually all major markets—CBDs as well as suburbs—and several secondary and tertiary markets.
RadioShack, Graiser says in a statement, “has done a great job with their real estate and are well positioned in key retail street, strip and mall locations. By taking assignment of leases, retailers have the opportunity to enter new markets and gain access to projects they may have previously been unable to penetrate.” A listing of locations for which A&G will be handling disposition of the real estate can be found here.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
