RCS puts 170-plus Eddie Bauer leases on the market
Eddie Bauer’s retail footprint is officially up for grabs.
RCS Real Estate Advisors will market a substantial portfolio of Eddie Bauer LLC retail store leases throughout the U.S. and Canada as part of the outdoor apparel brand’s ongoing Chapter 11 bankruptcy proceedings. The filing, which took place in the U.S. Court for Bankruptcy in the District of New Jersey, doesn’t affect Eddie Bauer’s e-commerce or wholesale operations. As of Feb. 2, they are run separately by Outdoor 5 LLC.
RCS is now actively marketing approximately 174 store leases totaling more than 1.08 million square feet. This includes 150 locations across 40 U.S. states, and 24 locations across six Canadian provinces. The available stores average around 6,300 square feet, and are located in California, Pennsylvania, Washington, Wisconsin, Minnesota, New York, Michigan, New Jersey and more.
The leases offer a “broad range” of footprints in established malls, lifestyle centers and high traffic retail corridors, according to RCS. The firm will oversee all marketing efforts, lease assignments and related negotiations with Eddie Bauer and its advisor, subject to bankruptcy court approval.
[READ MORE: RCS selected as Eddie Bauer LLC's real estate consultant for bankruptcy]
“As part of the Chapter 11 process, we are focused on maximizing value and identifying opportunities for landlords, retailers and other uses seeking quality retail space in proven trade areas,” said Ivan Friedman, president and CEO of RCS. “This portfolio represents a rare opportunity to secure legacy retail locations in established centers nationwide. Our team is actively engaging the market to drive competitive interest and efficient lease dispositions.”
In court documents, Eddie Bauer’s physical store operations had liabilities of more than $1 billion (to $10 billion). Its assets were put at $100 million to $500 million. Eddie Bauer’s retail stores outside of the U.S. and Canada are operated by other licensees and are not included in the Chapter 11 filings.
