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Stumble3 companies seek bankruptcy amid weak commercial real estate market
Monday, Feb. 21, 2011 | 1:55 a.m.
The beleaguered Las Vegas commercial real estate market was hit with three more bankruptcies last week.
The largest locally was filed by Echo Trailer Park LLC, which owns a mobile home and trailer park at 1322 S. Mojave Road, near Charleston Boulevard and Pecos Road.
The filing listed assets of $2.829 million against liabilities of $2.662 million.
Even though the business's assets exceed its debt, Echo Park filed for bankruptcy after it was sued Feb. 1 in Clark County District Court by lender RDSD Holdings LLC.
RDSD Holdings alleged contractual breaches and sought appointment of a receiver, but court records indicate the bankruptcy was filed before the court acted on the receivership request.
Echo Trailer Park, headed by investor Peyman Masachi, said in its filing that Los Angeles-based RDSD is owed $2.6 million.
Echo Trailer Park said it's occupied by 74 trailer and mobile home tenants under month-to-month leases.
The company generated nearly $331,000 in gross income during the past 12 months, the bankruptcy filing said.
Also filing for reorganization was Alexa Professional Plaza LLC at 865-880 N. Eastern Ave., at Washington Avenue. That business is headed by Dr. Rafael Mirchou, who has a medical license with that address.
The real estate there is valued at $800,000, but the company's liabilities to an entity called Multibank 2009-1 CML-ADC Venture amount to $1.725 million, the filing said.
The initial filing didn't list what income the property has been generating, nor did it say why the company filed for bankruptcy.
Finally, high-end home furnishings and interior design company Robb & Stucky Ltd. of Fort Myers, Fla., filed for Chapter 11 in Florida to "stabilize its operations and to facilitate a sale of its assets" as a going concern.
The company operates throughout Florida and in North Carolina, Arizona and in Las Vegas at the Town Square shopping center.
The initial filing listed liabilities of $137 million against assets of $98.7 million.
Kevin Regan, chief restructuring officer, said in a court declaration that during the sales process it's likely some stores will close -- but that the company hasn't yet identified those that will close.
Robb & Stucky is "widely known to be a premier destination for home furnishings customers who desire a highly-integrated design-driven purchase experience," the company said in its filing.
But, it said, "The store locations in the Sunbelt states hit hardest by the recession did not bode well for its operations during the deepest part of the recession."
For the fiscal year ended June 30, the company's revenue of $139.7 million was off 50 percent from its peak in 2006, the company said.
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Locally owned and independent for more than 50 years.
during the past 2 weeks, 2 major stores both which hold leases in townsquare have filed for bankruptcy, this proves shopping malls etc should not rely on corporate customers to lease they should in fact lease to small family owned retail businesses offering something different than the rest of the high street are more likely to survive this depression
I still expect things to get somewhat worse including seeing some major restaurant chains go bust too, houseprices still have a long way down to go yet. Interest rates have not even gone up yet, plus gas prices are about to shoot up to $4 a gallon and perhaps higher because inflation is really out of control.
We love Town Square. We go to the Sushi restaurant at least once a week. And Whole Foods as well. I don't see how some of the stores survive. And the high end stores on the strip at Caesars or City Center, while they do have beautiful stuff, how many people do you see walking around with shopping bags.
the super high end retail locations are there mostly as marketing, not to sell things.