Tuesday, September 4, 2018

As Sears Circles The Drain, Its Real Estate Spinoff Flourishes

bisnow.com
Eddie Lampert is the chairman of two companies headed in opposite directions. 

As chairman and CEO of Sears Holdings, Lampert decided to spin off much of the company's real estate — 235 Sears and Kmart stores — into a new real estate investment trust called Seritage Growth Properties in 2015, paying the original company $2.7B to settle some debt obligations. While Sears has continued to bleed money and shutter stores in hopes of avoiding an almost certain end, Seritage has flourished. . . . more