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Shoe City Shutting Down

Mid-Atlantic retailer selling its 39 store spaces

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Rupert Weidemann, iStock

Esco Ltd. (Gwynn Oak, Md.), which does business as Shoe City, has received approval from bankruptcy court to start going-out-of-business sales and selling its store spaces. Those actions come on the heels of Esco filing for Chapter 11 protection on March 31, following several years of financial difficulties.

Hired to run the going-out-of-business-sales, as well as the sale of the chain’s retail spaces’ leases, is Gordon Brothers (Boston).

Esco operates 39 Shoe City locales in Maryland, Virginia and Washington, D.C. The stores range in size from 2000 to 9900 square feet and include street front, regional mall and strip center sites.

“These leases offer a fantastic opportunity for retailers looking to expand their footprint,” said James Avallone, Senior Managing Director, Real Estate at Gordon Brothers. “The stores offer high-traffic locations with attractive co-tenancy and favorable lease terms with options.”

Discounts are in effect at all store locations, with up to 30 percent off original prices on their stock of athletic footwear and apparel. Additionally, store fixtures are available for purchase throughout the going-out-of-business sales, which are slated to end by May 31.

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