The company expects to start going-out-of-business sales in about two weeks and finish them by the end of the year, says Frank's bankruptcy attorney, Alan Hyman of New York-based Proskauer Rose LLP. The company also hopes to sell its 62 stores and the leases on the restof its stores over the same period. Frank's plans to hire Keen Realty LLC, based in Great Neck, NY, to settle the company's land and leases.
While the stores will need renovating, as will some of the shopping centers they inhabit, Frank's built most of its stores in well-traveled neighborhood locations--on the way to a grocery store or alongside a drug store. Those locations, real estate brokers say, might make it easier for Frank's to unload most of its stores and leases.
Most Frank's stores have about 18,500 sf of space, plus an outdoor sales area and parking. The size helps because it can attract mid-size regional stores or the land can be broken up for smaller retailers, which creates a large market for the space.
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