An auction format will be used for the 118 leases, with varying minimum asking prices, for properties in 16 states. "Each property is being addressed differently and separately," Mitch Kahn, president of Northbrook, IL-based Hilco Real Estate, told GlobeSt.com.

Kahn and his frequent competitor, Keen Realty of Great Neck, NY, are in charge of the lease auction. Both firms specialize in restructuring retail real estate and lease portfolios and selling excess assets. The auction does not include the inventory, which already is being liquidated, Kahn says. He isn't willing to venture a guess as to the amount of money that will be realized from the sale. Keen and Hilco are empowered to cut deals and pull properties from the auction.

Stage Stores, in the midst of a Chapter 11 bankruptcy, holds rents - some as low as $1.13 per sf and well below market. Matthew Bordwin, Keen Realty's vice president, cites the Ohio and Indiana locations as an example of a bloc that generates $22 million in sales, a plum package for any retailer. Another prime grouping is located in Wyoming and Montana, with five and three leases, respectively.