CHANDLER, Ariz. — Bashas’ here said Friday it has hired an Illinois real estate consulting firm to help it evaluate and renegotiate store leases as it works its way through the Chapter 11 bankruptcy process.
The company confirmed published reports that it has hired Hilco Real Estate, Northbrook, Ill., to review Bashas’ store leases and attempt to renegotiate more favorable terms to improve the stores’ profitability or to determine which stores ought to be closed.
Bashas’ filed for Chapter 11 in mid-July, saying it expect to emerge during the first quarter of 2010. It has already closed 15 of its original 158 stores, with plans to close 14 more by mid-October.
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