Listen to this article

After filing for Chapter 11 bankruptcy and announcing plans to close all locations, Sam Ash Music is auctioning off more than two dozen store leases across the U.S.

In a May 29 press release, A&G Real Estate Partners announced plans to market 27 leases in 12 states on behalf of the music retailer, pending court approval.

According to A&G, the average size of the properties on offer is 25,467 square feet. The sites range from a “pocket store” of just 6,000 square feet to a 44,000-square-foot, large-format box store. The firm also noted that expirations and options vary. While some stores boast 15 years of remaining terms, five-year renewal options are also common across the portfolio, A&G said.

Within New Jersey, the impacted stores are in Cherry Hill and Springfield.

Other leases are in Arizona (one), California (four), Florida (five), Indiana (one), Nevada (one), North Carolina (two), Ohio (one), Tennessee (one), Texas (three) and Virginia (one).

Todd Eyler, a senior managing director with A&G, stated, “In terms of store size, these locations are ideal for a broad array of U.S. retailers.”

“They’re an especially great fit for today’s fast-expanding fitness and workout-recovery franchises, family entertainment concepts, and traffic-driving, discount ‘treasure hunt’ retailers. We anticipate robust interest in these leases,” he said.

‘Incredible real estate’

“Sam Ash became a beloved institution among generations of customers,” said Emilio Amendola, co-president of New York-based A&G. “Along the way, the company took incredible real estate in high-visibility, high-traffic locations all over the country. Especially given today’s high construction costs, interest rates and occupancies, these leases represent an extraordinary opportunity for expanding retailers.”

Founded 100 years ago in Brooklyn, N.Y., by an immigrant violinist, the business has remained within the family ever since.

Citing several factors – including increased online competition in the post-pandemic era and difficultly in paying vendors and landlords – Sam Ash filed for Chapter 11 bankruptcy May 8 in the U.S. Bankruptcy Court for the District of New Jersey.

A day later Tiger Group and Gordon Brothers began conducting store closing sales at Sam Ash’s 42 locations while the chain pursues options for its go-forward business strategy.

A final closing date has not yet been announced.

The bankruptcy filing came two months after Sam Ash closed nearly 20 stores, including its flagship in Midtown Manhattan and one in Edison. A Sam Ash store in Paramus was shuttered two years ago.

Other closures:

• Red Lobster closures include 4 restaurants in NJ
• Dollar Tree to close 600 Family Dollar stores this year
• Bloomin’ Brands shutters Secaucus Bonefish Grill
• TGI Fridays closes 36 restaurants, including 7 in NJ