PROVIDENCE – Ocean State Job Lot has purchased six former Toys R Us stores on the East Coast and leased another, the company announced Tuesday.
The discount retailer has entered into a long-term lease agreement at a former toy store location in Dartmouth, and bought the Toys R Us buildings in Brockton, Mass., Salem, N.H. and Nanuet, N.Y., as well as three stores in Montgomeryville, Scranton and Wilkes-Barre, Pa.
The acquisitions in Pennsylvania will be the first operations in the Keystone State.
All of the stores have an average footprint of 40,000 square feet. The company noted that the purchases were part of an effort to have brighter, more modern and larger spaces for their stores.
“The recent closure of Toys R Us retail stores has allowed Ocean State Job Lot to acquire seven outstanding locations at an extraordinary price,” stated Marc Perlman, principal owner and CEO of Ocean State Job Lot. “In an ever-changing retail environment, where many retailers are struggling, Ocean State Job Lot has been able to adapt, enter new markets, re-open closed storefronts, and create new job opportunities. We realize that people work hard for their money, and those retailers who are able to provide exceptional value will be rewarded by their customers.”
When the newly acquired and leased stores open, the company said it will have 140 locations across nine states. No financial details of the transaction were released.
The company has 15 locations in Rhode Island, and prior to the acquisition and leasing of its two new Bay State sites, had 50 stores in Massachusetts.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
