Baldwyn, MS-based Hancock, which filed for Chapter 11 protection on March 21, retained Great Neck, NY-based Keen at the order of the US Bankruptcy Court. Prior to the filing, the chain had announced it would close a total of 134 stores nationwide, leaving Hancock with approximately 270 units. It currently operates retail fabric stores in 39 states across the United States.
"We are very excited to offer these leases and fee-properties for sale. The leases include favorable rental rates, and many of these stores are located in prime shopping centers throughout the country," said Matthew Bordwin, executive vp of Keen Realty, in a press release announcing the assignment. The real estate consulting firm specializes in valuing, marketing and disposing of real estate assets.
The Hancock fee-properties set for disposition are located in Jackson, Miss., and Flint, Mich., and are approximately 9,600 sq. ft. and 12,000 sq. ft., respectively. The other locations range from 7,200 square feet to 40,235 square feet.
Bids are subject to Bankruptcy Court approval. Of the 123 properties, 101 are subject to a bid deadline of June 1, 2007, with an auction scheduled for June 5, 2007. The remaining 22 leases are subject to a bid deadline of May 18, 2007. However, properties may be sold prior to the auction, Bordwin warned.
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