SEATTLE (BRAIN) — REI Co-op accepted a long-term sale-leaseback agreement with Madison Capital for its four distribution center properties. REI said it will maintain and operate the centers without impacting any of its employees.
A New York based real estate investment firm, Madison Capital paid $230 million for the buildings and land associated with the distribution centers located in Sumner, Washington; Bedford, Pennsylvania; Goodyear, Arizona; and Lebanon, Tennessee. REI said it will continue to own all equipment and machinery inside each facility.
REI's distribution centers service its more than 190 stores as well as customer online fulfillment.
Last May, REI reported a net loss of $311 million in 2023 with yearly revenues declining 2.4% compared with the previous year.
REI announced in January it was closing its Experiences division that includes adventure travel, day tours, and classes. The decision eliminated 428 full- and part-time jobs in that division.
