Big M, Inc. dba Annie Sez, Mandee Stores and Afaze, filed for Chapter 11 bankruptcy protection in the District of New Jersey on January 6, 2013, known as docket # 13-10233 (DHS). The company operates 129 stores in eight (8) states. One looming question for Landlords where the Debtor operates is when they will be paid?
However, Landlords also need to ask other important questions like: (1) Is the Debtor remaining a tenant?; (2) When will “stub” rent (the rent between the petition date and the next regular monthly payment) be paid?; (3) Are there pre-petition claims that are owed?; (4) Is there debtor in default of pre-petition non-monetary obligations?; and (5) What other damages are owed (both pre- and post-petition?
It is imperative that commercial Landlords speak with sound bankruptcy counsel immediately to formulate and execute a plan that will obtain the Landlord’s objectives in a quick and efficient manner.
Stark & Stark’s Creditor’s Rights Group can help. Our bankruptcy attorneys regularly represent landlords in the District of New Jersey, Southern District of New York, District of Delaware and Eastern District of Pennsylvanian on a variety of issues. For more information the Big M bankruptcy filing and Stark & Stark can assist you, please contact Thomas Onder, Shareholder at Stark & Stark (609) 219-7458 or tonder@Stark-Stark.com. Mr. Onder writes regularly on residential and commercial real estate issue and is a member of ICSC and its NextGeneration Committee.