Michaels B/B1 non-investment grade NNN analysis. Apollo-owned, ~1,150 US stores, only national arts & crafts chain after Jo-Ann liquidation. 7.5–9.0% cap rates, 15,000–20,000 SF. Q1 2026.

Macy’s BB+/Ba1 non-investment grade NNN analysis. ~500 stores with 150 closures announced by 2026. 7.0–8.5% cap rates, 100,000–200,000 SF format. Transformation plan analysis. Q1 2026.

Kirkland’s filed Chapter 11 February 2025 and liquidated all ~350 US stores. Re-tenanting guide for former Kirkland’s property owners — small-format strip center locations. Q1 2026.

Joann filed Chapter 11 twice — March 2023 and January 2025 — liquidating all ~800 stores in 2025. Double-bankruptcy case study and re-tenanting guide for former Joann property owners. Q1 2026.

JCPenney filed Chapter 11 May 2020. Simon Property Group and Brookfield acquired assets December 2020. ~650 stores remain as Penney OpCo LLC. Full NNN investor guide to the post-bankruptcy structure. Q1 2026.

Harbor Freight Tools privately held by Hellman & Friedman — no public corporate rating, B2 leveraged debt level. ~1,500 US stores, 7.0–8.5% NNN cap rates, 15,000–25,000 SF. Q1 2026 investor guide.

Floor & Decor BB-/Ba3 non-investment grade NNN analysis. ~240 US warehouse stores, 7.0–8.0% cap rates, 75,000–100,000 SF format. Dominant category position, IG upgrade candidate. Q1 2026.

Dunham’s Sports privately held, no public credit rating. ~250 Midwest/Southeast stores, 7.0–8.5% NNN cap rates, 30,000–60,000 SF format. 85+ year operating history. Q1 2026 investor guide.

DSW / Designer Brands Inc. B+/B2 non-investment grade NNN analysis. ~500 US DSW stores, 7.5–9.0% cap rates, 15,000–20,000 SF power center format. Q1 2026 investor guide.