Toys R Us' real estate arm exits bankruptcy with new name
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Shuttered toy retailer Toys R Us’ real estate subsidiary has emerged from bankruptcy proceedings with a new name and organizational structure, according to a press release on Monday.
The firm will now be called Hill Street Properties after previously operating as Toys R Us Property Co., or PropCo. Raider Hill Advisors, which advised the firm during bankruptcy proceedings last summer, will provide day-to-day oversight of the firm’s dealings and manage its remaining properties "including all leasing, redevelopment and disposition activities," the release said.
"It will be business as usual for the 168 remaining properties across 40 states," Raider Hill founder and CEO Danial Hurwitz said in a statement. "We look forward to working with Hill Street as we continue to market these assets without any interruption of the numerous transactions already under contract or those currently in negotiation."
Toys R Us declared bankruptcy last summer after years of declining sales. The retail giant liquidated its remaining stores after failing to find a buyer for its U.S. business.
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Hill Street Properties’ holdings include former Toys R Us and Babies R Us store locations and distribution centers. The Wall Street Journal reported last December that the chain’s remaining stores were in demand on the real estate market, due in part to lengthy leases with costs below market value.