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Frank's Gets Green Light to Become Real Estate Firm

TROY, MI-The garden store chain receives court approval to emerge from bankruptcy as a real estate development company. It now has 42 properties it plans to redevelop in a dozen states.

By Dan Heaton | Updated on June 16, 2005

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TROY, MI-A former garden store chain has been given court approval to emerge from bankruptcy as a real estate development company. Frank’s Nursery & Crafts, Inc., which filed for Chapter 11 bankruptcy in September 2004, expects to emerge from bankruptcy as a real estate company in July.

The federal Bankruptcy Court for the Southern District of New York entered an order confirming Frank’s plan of reorganization on Wednesday. The plan is based on Frank’s retaining approximately 42 parcels of real estate, all of which were formerlyFrank’s stores, which will be developed by the reorganized company. The chain closed all of its stores by the end of the 2004 Christmas shopping season.

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