A Burlington Store Will Replace the Bed Bath & Beyond in Hamilton, NJ
Bed Bath & Beyond may have JUST closed their doors at stores nationwide at the end of June, but we already know what will replace at least one store in our area.
In court filings late this past week, Bed Bath & Beyond auctioned off leases for 109 of their stores nationwide.
In our area, Bed Bath & Beyond's store in Hamilton Township (Mercer County), NJ was included in that auction. The winning bid for that store was off-price retailer Burlington (formerly known as Burlington Coat Factory).
In fact, Burlington scooped up 50 of the former Bed Bath & Beyond stores nationwide this week, according to a report from CNBC for about $13.5 million.
Additionally, popular craft retailer Michael's picked up nine of those leases nationwide too, according to reports from multiple outlets.
It's unclear how quickly Burlington will take over the lease in Hamilton, NJ. The store is located in the busy Hamilton Marketplace and will join popular retailers like the grocery store ShopRite, discount retailer Five Below, and department store Kohl's.
When Bed Bath & Beyond filed for bankruptcy earlier this year they had 468 leases, according to court documents.
This round of auctions included another local store as well.
- Bed Bath & Beyond on Marlton Pike in Cherry Hill NJ - the winning bid appears to have been the shopping center. This means the shopping center will work to attract another tenant in a tight commercial real estate market.
As for the remaining Bed Bath & Beyond stores nationwide (including several in our area) it's unclear what's next. But it is at least still possible those leases could go up for auction in the coming days, reports say.
We'll keep our eyes on the filings this week to see what's next.