53 –year old gift engraver and retailer, Things Remembered Inc., filed on Wednesday for Chapter 11 bankruptcy protection in the District of Delaware docket #19-10234. The chain operates more than 400 locations, nationally, and expects to close about 250 stores in its initial efforts to reorganize under the Bankruptcy Code.
Enesco, the giftware and home and garden décor company, is the stalking horse bidder to take approximately 130 of Things Remembered leases in the bankruptcy case with court approval. The stalking horse bid is $17.3 million.
This filing comes of the heels of the Charlotte Russe Holding, Inc. (“Charlotte Russe”) Chapter 11 bankruptcy filing also in Delaware docket #19-10234, earlier this week.
As more chains try to navigate the new world of omnichannel that encompasses online, direct mail, and B2B retail business, and brick and mortar stores, Chapter 11 filings are rising to address issues in one forum.
If you have a Charlotte Russe and Peek Children’s lease in your center, Stark & Stark’s Shopping Center & Retail Development Group can help.
Our bankruptcy attorneys regularly represent landlords throughout the country, including recently in the Eastern District of Missouri, District of New Jersey, Southern District of New York, District of Delaware, District of Minnesota and the Western and Eastern Districts of Pennsylvania regarding a variety of issues.
Our Group has been counsel to landlords and trade creditors in the Mattress Firm, Toys “R” Us, Payless, Eastern Outfitters (EMS Part 2), EMS, Golfsmith, RadioShack, General Wireless (RadioShack 2), Gander Mountain, A&P, Joyce Leslie, rue21, Central Grocers and Sports Authority chapter 11 bankruptcy cases.
For more information on how Stark & Stark can assist you, please contact Thomas Onder, Shareholder, at (609)219-7458 or tonder@stark-stark.com or Joseph Lemkinat (609)791-7022 or jlemkin@stark-stark.com.
