Emporium's Demise Could be Boon for Some Property Owners

PORTLAND-The last department store chain based in Oregon will begin liquidating its assets at the end of the month. The move follows a failed attempt to reorganize under Chapter 11 of the U.S. Bankruptcy Code.

Based in Eugene, Ore., the 34-store Troutman’s Emporium chain in December made the bankruptcy filing, seeking protection from creditors while it reorganized to get back on its feet by next year. It has since given up on that effort and asked a bankruptcy court to let it auction its leaseholds and begin liquidation sales. The asset liquidation and auction is being handled by three firms: SB Capital Group of Great Neck, NY; Boston-based Tiger Capital Group; and Buxbaum Group of Calabasas, CA.

C.E. John Co. owns the Cedar Hills Shopping Center in Beaverton, Ore. and Lancaster Mall in Salem, Ore., both of which have well-located Emporium stores. Mark Perniconi, vice president of development for CE John Co., tells GlobeSt.com the likely outcome is someone will buy all the leases, either to re-trade or sublease.