LANCASTER, PA-A day after Breuners Home Furnishings Corp. filed for Chapter 11 bankruptcy protection, it filed court papers to retain Great Neck, NY-based Keen Realty to market and dispose of all of its leasehold interests. They include 47 Breuners Home Furnishings, Huffman Koos, and Good’s Furniture stores in six states along with five distribution centers and the parent company’s 31,256-sf headquarters here. The entire portfolio encompasses nearly 2.2 million sf of retail space and 758,748 sf of distribution space.

“We’ll sell the full portfolio as a package, separate it into small packages, or sell individual leaseholds, whichever generates the most return for the company and its creditors,” Matthew Bordwin, Keen SVP, tells Prices for individual properties have not yet been set, he says, “but they will be momentarily and available to interested parties.”

Under the Good’s Furniture identity, there are 17 retail leases with an aggregate of 679,009 sf in Pennsylvania, New Jersey and Delaware, and two distribution centers, totaling 178,000 sf in Pennsylvania and Delaware. Under the Huffman Koos name, there are 20 retail leases aggregating 997,751 sf in New York, New Jersey and Connecticut, and two distribution centers in Connecticut and New Jersey with an aggregate 450,608 sf. The 10 Breuners Home Furnishings retail leases, all in Northern California, total 485,011 sf. The California distribution center totals 130,140 sf.

All of the leasehold interests Keen will market for sale “are in prime locations,” Bordwin says and tells he has already received calls. “We expect there to be a tremendous amount of interest in these locations. These leases represent an excellent opportunity for users as well as a great investment opportunity for a group that would like to acquire the entire portfolio as a going concern business. These companies have excellent brand recognition in the marketplace,” he adds.

Keen is coordinating the sales with Annapolis, MD-based FTI Consulting, which is Breuners’ restructuring advisor, and its attorneys, Los Angeles-based Pachulski Stang Ziehl Young Jones & Weintraub PC.

The three Breuners’ entities operated at the upper end of the retail furniture market, a segment that has shown lackluster performance in recent years. During this period, Breuners amassed heavy debt and also lost some key suppliers. Among the 33 largest creditors listed in the bankruptcy filing are Broyhill Furniture, which is owed $5.5 million, according to published reports, and Lane, which is owed close to $4 million.

In the bankruptcy protection filing in Delaware on July 14, the company stated its intention to liquidate all of its properties. While Chapter 7 bankruptcy is more typically associated with liquidation, a Chapter-11 liquidation allows better control of the liquidation process for maximum return on the estate.

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