May 25, 201202:32 PMDaily Biz Briefs
State liquor store re-auction totals $5.9M
The Washington State Liquor Control Board successfully re-auctioned the rights to apply for a spirits retail liquor license at 18 state-run liquor stores statewide. The sum of individual bids totaled $5.57 million, with rights awarded to 14 successful bidders.
“These bidders are here because they want to be part of what has been a very profitable business for the state,” said WSLCB Director of Business Enterprise Pat McLaughlin.
The WSLCB ran the auction to resell locations whose original winners had failed, for whatever reason, to complete the purchase process. During the online auction that ended April 20, the sum of the high bids for the 18 stores was about $4.6 million. At Thursday’s live public re-auction, the sale price of those locations rose to nearly $5.6 million. A 6 percent bidder premium will be added to each successful bid, for a total of about $5.9 million. All bidders were required to post a $10,000 bid deposit to participate in the auction.
Successful bidders earned the exclusive right to apply for a liquor license at the current location within its current footprint. Successful bidders will need to secure a lease with the property landlord. If they are unable to secure a lease, they may re-sell their right or request an alternative location within a one-mile radius of the existing location.