ATLANTA, (GLOBE NEWSWIRE) — BlueLinx Holdings Inc. (NYSE:BXC), announced today that it has completed the sale of two non-operating facilities in National City, California, and Ypsilanti, Michigan, which BlueLinx previously used to serve the San Diego and Detroit Markets, respectively. The sale of these two facilities generated aggregate net proceeds of approximately $15.8 million. With these sales, BlueLinx has realized approximately $33.0 million in net proceeds from real estate sales since announcing its deleveraging plan. All net proceeds arising out of these real estate efforts are being used to pay down BlueLinx’s mortgage and reduce overall debt levels.
BlueLinx has other non-operating facilities under contract with various purchasers; these transactions are expected to generate additional net proceeds that will enable it to reduce its debt further by the end of first quarter 2017, subject to satisfaction of customary closing conditions. BlueLinx also continues to actively market several company-owned operating facilities for possible sale leaseback transactions as part of its real estate sale optimization efforts. There can be no assurance, however, that any of these pending or potential sales will close on favorable terms, or at all.