Troy, Mich.-based Kmart Corp. has hired DJM Asset Management LLC and its marketing partner, ChainLinks Retail Advisors, to help dispose of leases for the 283 Kmart stores the retailer plans to close.
Under the agreement, which goes before a bankruptcy judge for approval April 23, DJM and ChainLinks will help Kmart's internal real estate staff find retailers, investors and landlords interested in obtaining the leases for the closing stores.
The locations to be marketed range in size from 40,300 to 182,714 sq. ft. and are located in free-standing, strip and mall locations. "We have been advised by DJM and ChainLinks to expect a great deal of interest for both retail and non-retail uses," said John Foster, Kmart's senior vice president of real estate management.
Kmart, which filed for Chapter 11 bankruptcy protection in January, received court approval to close 283 stores across the country, including 270 Kmart discount stores and 12 Kmart SuperCenter retail outlets in 40 states, and one Kmart store in Puerto Rico.
Store closing sales are underway and will continue, depending on the location, for approximately two to three months, the retailer says.