Chuck Siegel of NAI/Rohde, Ottmer, Siegel Real Estate Services worked with Fallas-Paredes, an off-price retailer from Gardena that has bought the leases from US bankruptcy court. Fallas-Paredes paid $1.6 million for the leases and spent another $600,000 to $800,000 to satisfy previous Weiner's debts with building owners.
The stores, most about 25,000 sf apiece, are in San Antonio, Houston, Dallas and Valley cities such as Harlingen, Brownsville and McAllen. Weiner's, an off-price apparel retailer based in Houston, filed for bankruptcy protection in June, closing its 97 stores in four states.
A Weiner's insider told GlobeSt.com that most of the stores are doing business and the rest will open in plenty of time for the holiday shopping season. That helps pick of the retail slack left by the departure of Weiner's. Three are in the San Antonio retail centers of Southwest Junction, Fair Oaks and Crossroads Mall.
The former Weiner's stores will significantly expand Fallas-Paredes operations beyond its California base, where it has about 25 stores. "It enabled them to grow their company and get these stores that really fit their criteria as far as size of the store," Siegel says of the deal.
Fallas-Paredes offers clothing for the entire family, but emphasizes children's clothes. It finds apparel that it can drastically reduce at season's end, excess inventory and odd lots.
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