Conn's Sells, Receives Long-Term Lease Back for Four Owned Properties to STORE Capital
Conn's, Inc. (NASDAQ: CONN), a specialty retailer of home appliances, furniture, mattresses and consumer electronics and provider of consumer credit, today announced the sale and long-term lease back of four owned properties to STORE Capital Acquisitions, LLC. The Company received net proceeds of approximately $22.4 million in connection with the sale, which was used to repay borrowings under its real estate loan and asset-based lending facility. Three of the locations are in Texas and the fourth is in New Mexico.
“We appreciate STORE's assistance in completing this transaction, allowing us to dedicate our capital to our core business and growth plans,” commented Theodore M. Wright, the Company's Chairman and CEO.
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