Three national retailer tenants have filed for Chapter 11 protection under the U.S. Bankruptcy Code, leaving 18 properties shuttered with no lease revenue coming in, the company tells the SEC.
The REIT is currently trying to lease the closed properties.
The tenants are Waccamaw/HomePlace which has stopped paying rent on six stores. Heilig-Meyers, the furniture retailer, isn't paying on 12 out of 17 store leases. HomeLife is asking the bankruptcy court to allow it to stop making rent payments on five locations. The five stores are leased to Sears Roebuck which will continue to make rent payments, Commercial Net Lease Realty officials tell GlobeSt.com.
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