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Real estate investor moving quickly to reopen 2 former American stores

PEWAUKEE, WI (WTAQ) - A new owner is moving quickly to try and open new businesses in the former American TV and Appliance buildings in Pewaukee and Brown Deer.  

Real estate investor John Schlueter has finalized both purchases.  

His business group is paying $4.4 million for the Pewaukee structure, and just under $2.5 million for the Brown Deer building. Schlueter also paid $400,000 for vacant lead in Oak Creek.  

Until last week, creditors didn't know who was buying the Wisconsin American TV stores, which closed for good in mid-April after the company spent 60 years in business. A court-appointed receiver is in the process of selling assets and paying American's old creditors.  

After some questions and a court hearing, receiver Michael Polsky said he's confident he'll get enough to repay about $55 million of debts.  

Schuleter is working to line up new business tenants for his buildings.  

The Steinhafels' furniture chain is in the process of acquiring three old American stores in Madison, Oak Creek, and Appleton. They expect to open Steinhafels' stores in those locations by this fall.

(Story courtesy of Wheeler News Service)