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Less than two weeks after the furniture store bid $1.3 to take over the lease of the Route 4 east Toys R Us store in Paramus, the building's landlord has asked Bankruptcy Court to block the sale, NorthJersey.com reports.
Property owner N.T. Hegeman Co., Ltd., cites a provision in the 46-year-old building lease prohibiting assigning the lease to furniture stores, the article says.
Prior to the request, the Paramus store was among the 20 on the auction block in the U.S. that received winning bids from someone other than their own landlords, according to a new report in the New York Post.
The article says Toys 'R' Us is struggling to sell the remaining 90 stores being auctioned off, which isn't a good sign for the landlords of the more than 700 remaining locations.
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