Lack's Stores, Incorporated and Lack Properties, Inc. Retain DJM Realty to Dispose of All Retail Store and Warehouse Locations

MELVILLE, N.Y. and VICTORIA, Texas, Dec. 9, 2010 /PRNewswire/ -- Lack Properties, Inc. and Lack's Stores, Incorporated, an independently-owned retail home furnishings chain operating as Lack's and Lacks Home Furnishings, announced today the hiring of DJM Realty, a Gordon Brothers Group Company, to exclusively manage the disposition of all leased and owned retail and warehouse facilities located throughout Texas. Lack's Stores, Incorporated specializes in quality home furnishings including furniture, bedding, major appliances and home electronics through retail outlets throughout Texas. Lack's Stores, Incorporated is the lessor of 35 retail locations, and Lack Properties, Inc., a wholly-owned subsidiary of Lack's Stores, Incorporated, is the owner of the real property and improvements associated with approximately fourteen store and warehouse locations that are leased to Lack's Stores, Incorporated.

DJM Realty will be marketing 35 retail locations which range from 16,000 – 70,000 SF in the following cities: Abilene, Alice, Austin, Bay City, Beeville, Clute, College Station, Corpus Christi, Del Rio, El Campo, Killeen, Leon Valley, Longview, Lubbock, Lufkin, Midland, New Braunfels, Odessa, Port Lavaca, Portland, San Angelo, San Antonio, Temple, Tyler, Uvalde, Victoria and Waco. In addition, 4 warehouse facilities are available including a 380,000 SF state of the art distribution center in Schertz, TX.

"We are excited to have the professionals at DJM helping us in the sale or leasing of the retail and warehouse facilities available.  We operate in large, medium-size and small markets, usually dominating the areas.  Our locations are strategically located and our stores are up-to-date, providing a strong platform for almost any type of retail," said Melvin Lack, President and CEO of the chain.

"Lack's Stores, Incorporated's real estate has already begun to create good interest among national and regional retailers, investors and non-retail users.  Several buildings are free standing which offer opportunities for multiple uses," said Andy Graiser, Co- President of DJM Realty.

Lack's Stores, Incorporated, which recently filed for Chapter 11, is currently liquidating its inventory  through their stores until closing sales are complete. The retention of DJM is subject to the approval of the United States Bankruptcy Court overseeing the Lack's Stores, Incorporated Chapter 11 proceeding in Victoria, Texas. Such approval will be sought from the Bankruptcy Court in December.

For more information regarding the disposition of these retail and warehouse properties, please contact James Avallone at 631-752-1100 ext. 224 or [email protected]. Property information can be obtained at www.djmrealty.com.

DJM Realty has worked with more than 285 companies to restructure leases and dispose of surplus real estate. DJM Realty is a leader in finding innovative ways to consolidate and reconfigure real estate to achieve the highest possible value.

About DJM Realty

DJM Realty, a Gordon Brothers Group company, specializes in negotiating occupancy costs, lease renewals, real estate dispositions, facilitating growth opportunities, valuations and capital solutions.  DJM Realty has serviced the nation's most recognizable brands in healthy and distressed situations.  Bankruptcy clients have included BI-LO, Blockbuster, Circuit City, Linens N Things, Movie Gallery, Gottschalks, Goody's Family Clothing, KB Toys, Kmart and Winn-Dixie. DJM Realty was founded in 1992 and is headquartered in New York with offices in Los Angeles, Boston and Chicago. For more information, please visit www.djmrealty.com.

SOURCE DJM Realty; Lack Properties, Inc.; Lack's Stores, Incorporated