Burlington Stores Inc. has successfully acquired 10 leases in Texas previously held by a furniture and appliance retailer based in The Woodlands that filed for Chapter 11 bankruptcy in July.
The leases span five states, with the majority located in Texas. Burlington outbid other parties with an offer of over $6.65 million for the leases, bringing the total cost to approximately $7.09 million including cure amounts.
Among the properties acquired by Burlington are three stores in San Antonio and one each in McAllen, Dallas, El Paso, Laredo, Amarillo,Texas City,and Austin.
According to reports from Houston Business Journal,Burlington is currently undergoing a nationwide expansion effort and plans to open more than 100 new stores annually over the next five years.Additionally,the company will be launching four new locations this fall within Houston’s area of operation.
In addition to taking over Conn’s store locations,the company also recently acquired64leases from Bed Bath & Beyond which had filed for Chapter 11 bankruptcy backin2023,resultinginthe closureof nearly900locationsacrossthecountry.The acquisition further solidifies Burlington’s position as a major player withinthe retail industry.
