Arden Group (ARDNA) Unit Enters Lease Agreement w/ Northridge, CA, Store
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Arden Group, Inc. (Nasdaq: ARDNA) reports its wholly-owned subsidiary, Gelson’s Markets (Gelson’s), which currently operates seventeen full-service supermarkets in Southern California, has reached an agreement with the landlord of its Northridge, California store and a third party to assign the store lease. Gelson’s had closed the store after the close of business on February 25, 2012. Subject to compliance with certain closing conditions, Gelson’s rent and all other obligations under the lease will end effective no later than May 1, 2012. In accordance with the assignment of the lease, various items of equipment will be transferred by Gelson’s to the assignee and Gelson’s has agreed to pay the assignee a lease assignment fee of $1,850,000. In addition, Gelson’s expects to incur additional closing costs estimated to be between $300,000 and $400,000.
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