Frank Crivello, EVP, Phoenix Investors, LLC Announces Lease Confirmation by Kmart Corporation in Winona, Minnesota
Kmart Corporation Completes Bankruptcy Plan of Reorganization and Affirms Certain Leases Including the Winona, Minnesota Lease.
Milwaukee, Wisconsin (PRWEB) July 1, 2005 -- Frank Crivello, Executive Vice President, Phoenix Investors, LLC ("PI"), www.phoenixinv.com, announced that Kmart Corporation, www.kmart.com, affirmed the lease of Winona Associates, LLC, its affiliate, for the shopping center located in Winona, Minnesota. Plaza Fourteen Inc. ("Plaza 14") entered into the referenced lease in July, 1991. Plaza 14 sold the shopping to Winona Associates, LLC in May, 1996; Plaza 14 was represented by Gaar W. Steiner, attorney at law, in connection with the transaction.
During the late 1990's, Kmart Corporation fell on hard times as the competitive retail landscape with Wal-Mart Corporation intensified. Kmart filed bankruptcy in January, 2002. The Plaza 14 location was successful for Kmart Corporation. This lease acceptance means that Kmart Corporation will continue to occupy and operate at this location.
PI Executive Vice President Frank Crivello stated: "Prior to 2002, Kmart stores suffered from competitive pressures led by Wal-Mart. As a reorganized company, KMart is better equipped to face the competitive landscape. This is a great development for the Winona store employees and Winona community at large. We support Kmart and wish them well."
PI President David Marks stated: "Our management team followed the Kmart Chapter 11 Bankruptcy closely and believe it is stronger having completed its reorganization with wide based creditor support; we are hopeful the reorganized KMart can be more effective against such competitors as Wal-Mart, www.walmart.com."
About Phoenix Investors, LLC, www.phoenixinv.com:
Since 1994 PI has been offering professional management and advisory solutions to public and private companies, trusts, and individual investors. Our management endeavors to understand our clients' individual needs, work with our client to assess specific goals, and structure investments according to our clients' specific risk/reward profile to meet both the clients' short term and long term needs. Our real estate management team professionally manages our portfolio properties through a combination of local and national representation in order to effectively create a "working-bridge" between owner and tenant, building a cooperative mutually beneficial working relationship. Our experts assess and refine our client's portfolio's to maximize our clients cash flow, equity accumulation, and internal rate of return based upon our clients' specific dynamic goals.
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of the PI could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to assumptions relating to the marine market and that there will be no unanticipated material adverse change in PI's operations or business.
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