Bed Bath & Beyond's shuttered stores are getting some familiar tenants.
Burlington – formerly known as Burlington Coat Factory – nabbed 44 locations from the beleaguered retailer, which was forced to auction off its leases as part of its bankruptcy proceedings, according to documents filed in bankruptcy court in New Jersey last month.
Burlington purchased the leases, the largest share of any retailer, for $12 million, according to the filing. The company secured six other leases outside the auction process, according to separate documents.
Michael's - the privately held chain of arts and crafts stores – also purchased nine locations for about $2.55 million.
BED BATH & BEYOND BANKRUPTCY: COUPONS EXPIRING, RETURN DEADLINES
Furnisher company Havertys purchased four locations for nearly $470,000 and Barnes & Nobel purchased one location in Concord, North Carolina, for about $130,000. An Aldi is also taking over a spot in Little Rock, Arkansas.
In May, A&G Real Estate Partners, announced plans to auction hundreds of Bed Bath & Beyond and Buy Buy Baby leases after the company started its store closing sales and began winding down operations.
BED BATH & BEYOND'S LIST OF STORE CLOSINGS
The company filed for Chapter 11 bankruptcy protection in April after back-to-back quarters of sagging sales and several failed attempts to turn around its business.
Although its brick-and-mortar stores are getting sold off to the highest bidder, the company will still have an online presence to some degree.
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Overstock.com acquired the bankrupt retail chain’s intellectual property assets for $21.5 million. The online retailer Overstock.com is dumping its name online and will become Bed & Bath & Beyond.
The Associated Press contributed to this report.
