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Frank's Delays Sale of Stores, May Keep Them

TROY, MI-The retailer in Chapter 11 bankruptcy has 169 stores in 14 states, and had proposed selling all of them. Now 52% owned by Kimco Capital Corp., Frank's Nursery & Crafts may keep them.

By Dan Heaton | Updated on January 18, 2005

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TROY, MI-Frank’s Nursery & Crafts, Inc., which has closed all of its stores as part of a Chapter 11 bankruptcy, says it is delaying the sale of all of its properties. Locally based Frank’s, which filed for Chapter 11 bankruptcy protection in September 2004, said at that time that it would close all 169 of its stores and sell the properties.

Frank’s has stores in 14 states. All of the stores were closed by the first week in January. The company says “it is discussing with representatives of its secured lender and the official committee of unsecured creditors appointed in its Chapter 11 case terms of a proposed plan of reorganization which would contemplate either retention or sale of all or a portion of its real property holdings.” A timeline for when a decision on the future disposition of its stores has not been announced by the company.

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