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Tentative Date, Location Set for Stage Stores 118-Lease Auction

HOUSTON-Two out-of-state real estate restructuring companies will auction 118 Stage Store leases in 16 states. Minimum bids vary and all may not make the docket since the team can negotiate and pull properties prior to the March 14 sale.

By Connie Gore | Updated on January 11, 2001

HOUSTON-Stage Stores, a Houston-based family department store, goes on the auction block tentatively March 14 and most likely at its corporate headquarters at 10201 Main St.

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.

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