New York-based retail real estate advisory firm, RCS Real Estate Advisors, is pleased to announce the successful conclusion of their engagement by Anna’s Linens, debtor-in-possession. RCS Real Estate Advisors senior vice president Spence J. Mehl made the announcement.
“RCS was retained to market leases and conduct a bankruptcy auction to create value for the estate,” said Mehl. “RCS concluded a successful auction generating close to $2.0 million for the debtor’s estate by selling leases and sub-letting to temporary users as Halloween stores. A highly successful outcome based on initial expectations of value.”
The results of the auction have been approved by the U.S. Bankruptcy Court for the Central District of California (Santa Ana Division).
New York-based RCS Real Estate Advisors specializes in analyzing retail real estate portfolios, reducing occupancy costs and expand111ing footprints.
Anna’s Linens, a retailer of bedding, bathroom accessories, window treatments and more based in Costa Mesa, CA, was founded in 1988 by Alan Gladstone. The retailer operated over 200 stores with over 2,800 employees when it filed for Chapter 11 bankruptcy protection on June 14, 2015.