Conn’s Raises $22.4M In Lease-Back Deal

By Alan Wolf On Feb 13 2013 - 12:12pm

The Woodlands, Texas — Multiregional majap, furniture and CE chain Conn’s has sold four company-owned locations for $22.4 million and has leased them back from the buyer.

Conn’s said it used the proceeds to repay borrowings under its real estate loan and asset-based lending facility.

Three of the properties are in Texas and one is the retailer’s new market of New Mexico. Conn’s said it signed a long-term lease-back for each location with the buyer, Store Capital Acquisitions.

“We appreciate Store’s assistance in completing this transaction, allowing us to dedicate our capital to our core business and growth plans,” said chairman/CEO Theo Wright.