What's Next For The Bed, Bath And Beyond Storefront In Newtown?

NEWTOWN TOWNSHIP, PA - So what’s next for the closed Bed, Bath and Beyond store at the Newtown Shopping Center?

According to reports, during a lease auction held earlier this month, the Burlington Store (formerly the Burlington Coat Factory) secured 50 of Bed, Bath, and Beyond’s 109 leases at a cost of $13.63 million.

The auction was conducted as part of the beleaguered chain's bankruptcy proceedings in Trenton. The New Jersey-based home goods company filed for bankruptcy protection earlier this year and began closing stores.

Arts and crafts store Michael’s won a bid for nine Bed, Bath and Beyond leases at a cost of $2.55 million and Atlanta-based Havertys Home & Decor secured four leases at a cost of $468,334, according to the report.

In addition, landlords secured 37 of the leases, the next-largest portion after Burlington, according to NBC News. Those landlords will now be able to find their own tenants and potentially get a higher rent price than if they went through the auction process.

It was not immediately known how the auction will impact the 30,000-square-foot store at the Newtown Shopping Center, which is managed by the Palladino Development Group.

If you had your say, what would you like to see move into the space? Keep in mind there’s plenty of parking and more than likely ACME has a clause in its lease preventing another grocery store from opening in the shopping center.