NEW YORK — Bankrupt L. J. Hooker Corp. said Friday that it has reached an agreement to sell five of its Bonwit Teller specialty retail stores to a subsidiary of Pyramid Cos., a real estate development and investment company.
Terms of the agreement with Syracuse, N.Y.-based Pyramid were not disclosed. The sale is subject to approval by the U.S. Bankruptcy Court.
L. J. Hooker and all its subsidiaries, including Bonwit Teller, filed for protection under federal bankruptcy law in August.
Under the agreement, Pyramid will purchase five of the 16 Bonwit Teller stores, along with rights to the Bonwit Teller name.
The stores covered by the agreement include the retailer's flagship at the Trump Tower in New York. The other stores are in Boston, Buffalo, N.Y., Manhasset, N.Y., and Short Hills, N.J.
After an offer is made, bankruptcy laws allow for a 20-day period during which higher bids may be submitted. A final court ruling is expected by the end of March.
Hooker, an Australian conglomerate that was hurt by a downturn in the real estate market in Australia, had to close another major New York retailer, B. Altman, in January.