24 Rhodes Furniture Store And Warehouse Locations Will Be Sold

Furniture World Magazine

Rhodes, Inc. has retained DJM Asset Management of Melville, New York, subject to Bankruptcy Court approval, to dispose of 21 Rhodes Furniture stores and warehouses and 3 John M. Smyth's Homemakers Furniture stores located throughout Georgia, Illinois, Kansas, Kentucky, Missouri, North Carolina, Ohio, South Carolina and Tennessee. The disposition of these locations is a key component of Rhodes' restructuring in its Chapter 11 bankruptcy case. On November 24, 2004, the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta division, entered an order authorizing Rhodes to conduct store closing sales at these locations. “The stores and warehouses are located in both strip centers and freestanding buildings and they range in size from 27,809 to 113,250 square feet,” stated Andy Graiser, Co-CEO of DJM. “Since many of the stores are in well established locations, have long lease terms and contain below market rental rates, we expect quite a number of interested parties to submit offers to purchase leases.” “The locations can be acquired individually or in packages of two or more,” Graiser continued, “with all bids subject to bankruptcy court approval.” “We expect most of the locations to operate through the end of March 2005 with the exception of six stores which are expected to close at the end of January 2005”, said Vicki Johnson, Corporate Counsel and Director of Real Estate at Rhodes, Inc. The Retail Stores and Distribution Facilities that are available for purchase are located at: 1. 4363 NE Express Access Rd. in Doraville, GA 2. 4715 Ashford Dunwoody Rd. in Atlanta (Perimeter Mall), GA 3. 1733 East Woodfield Rd. in Schaumburg, IL (Outlet area only) 4. 1001 W. Main in Sleepy Hollow, IL 5. 66 Orland Square Dr. in Orland Park, IL 6. 12175 South Strang Line Rd. in Olathe, KS 7. 7864 Connector Drive in Florence, KY 8. 6201 Stillwell in Kansas City, MO (Home Delivery Center) 9. 19110 East 39th Street in Independence, MO 10. 1834 Matthews Township Pkwy. in Matthews, NC 11. 3407 Highpoint Rd. in Greensboro, NC 12. 1050 Hanes Mall Blvd. in Winston-Salem, NC 13. 2233 South Hamilton Rd. in Columbus, OH 14. 3622 West Dublin / Grandville Rd. in Columbus, OH 15. 1333 Morse Rd. in Columbus, OH 16. 12000 Princeton Pike in Cincinnati, OH 17. 700 Eastgate South Dr. in Cincinnati, OH 18. 8361 Springboro Pike in Miamisburg, OH 19. 2500 F. North Fairfield Rd. in Beavercreek, OH 20. 555 Haywood Road in Greenville, SC 21. 1430 Gould Blvd. in Lavergne, TN (Home Delivery Center) 22. 2235 Gallatin Rd. N. in Madison, TN 23. 344 White Bridge Rd. in Nashville, TN 24. 2000 Mallory Lane in Franklin, TN To obtain copies of one or more leases that are available or to obtain any additional information, please contact James Avallone, DJM Managing Director, at (631) 752-1100 (x224) or visit the DJM website at www.djmasset.com. About Rhodes, Inc.: headquartered in Atlanta, GA, Rhodes will continue to offer brand-name residential furniture to middle- and upper-middle-income customers through 63 stores located in 11 southern and midwestern states (after disposing of the locations listed above). About DJM: Based in Melville, New York, DJM Asset Management, LLC, appraises properties, disposes of and/or mitigates lease liabilities and acquires retail, commercial and industrial real estate that does not fit into our strategic partner's long-term goals. During the past three years, DJM has conducted evaluations on over 9,000 locations and restructured or disposed of over 120,000,000 s/f of space and over 4,000 properties.