Boston Business Journal
Three years ago, Sears sold about 235 stores to Seritage Growth Properties, a spinoff company that was created to convert Sears and Kmart locations — which Sears also owns — into more valuable uses like offices and restaurants. The struggling retailer, in return, got a $2.7 billion infusion of cash.
The real estate play, put in motion by Edward S. Lampert, a hedge fund manager with a large role in both companies, is simple. As Seritage works to redevelop some of Sears’ best locations into more profitable uses, it is also collecting rent from Sears for stores still in operation.. . . more