The 124 stores consist of properties owned by Toys 'R' Us Inc.and stores with ground or operating leases. Office Depot plans toconvert between 50 and 60 of the 124 stores into Office Depots."The rest will be sold off," Office Depot spokesman Brian Levinetells GlobeSt.com. "We have significant interest from bothdevelopers and other retailers, so we are looking to sell off theother properties."
Of the stores to be acquired, seven are located in Florida. Notall of them will be converted into Office Depot stores, Levinesays.
The sale to Office Depot is expected to be completed in phasesover the next several months. The deal "allows Office Depot toexpand our presence in existing core markets and will immediatelygive us access to large markets where we do not have a strongretail concentration," Levine adds.
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