Thursday, January 31, 2019

Pending Sears Buyout Puts Regional Mall Owners in Limbo

NREI
Sears Holdings Corp. Chairman Eddie Lampert put in a winning bid to buy the struggling retailer out of bankruptcy earlier this month following the company’s Chapter 11 bankruptcy filing in October. But the “rescue” Lampert is orchestrating to keep the lights on at more than 400 Sears and Kmart stores is not necessarily welcome news to mall owners.

Lampert’s bid of $5.2 billion to buy the company via his hedge fund, ESL Investments, was accepted by U.S. Bankruptcy Court. However, it is not a done deal. Creditors still have the ability to appeal that decision and plead their case in favor of liquidation. . . . more