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Benny's to sell real estate to Carpionato
NEW BEDFORD — Benny's will sell the real estate that housed its retail stores to the Carpionato ... shuttering stores in Connecticut, Massachusetts and Rhode Island. As of Tuesday, the Benny's website showed only three locations remaining: Providence ...
NEW BEDFORD — Benny's will sell the real estate that housed its retail stores to the Carpionato Group, a Rhode Island real estate company, the two announced Tuesday in a joint statement.Carpionato owns the Crowne Plaza Hotel in Warwick, R.I., along with a Holiday Inn Express, several restaurants and numerous residential properties.Benny's, a regional retail chain, said in September it would close its 31 locations by the end of 2017, shuttering stores in Connecticut, Massachusetts and Rhode IslandAs of Tuesday, the Benny's website showed only three locations remaining: Providence and Greenville, R.I., and Raynham, Mass.The companies signed a purchase agreement that covers properties in all three statesThey expect to close on the deal in the first quarter of 2018, and they will not disclose the terms, according to the statement.Howard Bromberg, president of Benny’s, said in the statement that his company is "especially pleased" to sell to a local company that is familiar with the locations and "understands the Benny’s legacy."Carpionato Group President Alfred Carpionato said his company is grateful for the opportunity."It is a privilege for our organization to succeed to the Bromberg family’s ownership of these properties," he said"Benny’s has been such a vital part of our community for generationsLike Benny’s, we, too, are a longstanding member of the same community."— Jennette Barnes
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