REX instead will market the 21 stores previously earmarked for Appliance Direct to other tenants, Stuart Rose, REX chairman and chief executive, said Wednesday, Aug. 5.
“We’re still hopeful (Appliance Direct) will come back and lease the other ones,” Rose said. “But in the meantime we’re going to try and lease them to other people.”
In April, REX announced plans to exit retail and focus on real estate and alternative energy investments. REX shuttered its final store, one located on Needmore Road, in July, Rose said Wednesday, Aug. 5.
In January, REX agreed to lease 37 company-owned stores and lease or sublease two others to Melbourne, Fla.-based Appliance Direct. Rex also plans to sell inventory, furniture and fixtures to Appliance Direct.
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