Winning bidders marketing Wickes leases.
Furniture-Today, March, 2008
By Clint Engel
Wilmington, Del.- The stalking horse bidder on the leases of Wheeling, Ill.-based Wickes Furniture won court approval last week for lease designation rights, clearing the way for the properties to be marketed to furniture industry players and others.
The winning bidders are RCS Real Estate Advisors, Hudson Capital Partners, Crystal Capital Fund and Julius M. Feinblum Real Estate. According to court documents, the joint venture will pay at least $3.5 million for the lease rights. The Wickes estate also could share in the profits on future lease assignments.
With stores in greater Chicago, Los Angeles, Las Vegas and Portland, Ore., Wickes filed for Chapter 11 bankruptcy protection Feb. 3, after a failed attempt to get suppliers...
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