Thread regarding Sears layoffs

Ring fenced properties

Soon the deal with PBGC will be complete and properties will be allowed to be sold

In michiga, within a 20 mile distance from each other we gave 3 mall anchors in that ring fenced deal all lease stores

Sears Fairlane- Dearborn

Ford Motor already took over part of this mall and turned into offices for 1800 employees. I heard Ford Motor bought the entire mall property, is that true?

Sears-Westland Shopping Center-Westland - already has a giant closed MACYS that’s been vacant a year- heard there is asbestos problems

Sears-12 Oaks- Novi - a vibrant mall and sears is huge in this mall. Haven’t heard much about this location-anyone on this board work there?

I think there are 6 other michigan stores in the original 138 properties

Wonder how and when this will play out and since eddy doesn’t have to pay into pension for 2 years, is this the timeframe given to eddy to sell properties

Will eddy put these properties in his REIT Seritage Growth Properties?

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| 1763 views | | 13 replies (last March 1, 2018) | Reply
Post ID: @OP+RVgAxHj

13 replies (most recent on top)

Don't forget Fairlane's biggest anchor, Ford Motor Company.

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Post ID: @3gon+RVgAxHj

@wup So what are you saying if your in a ring fenced property store that is in an A mall we will have 18 to 24 months? Oh my god No say it isn't so! I can't last that much longer

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Post ID: @3jke+RVgAxHj

Lets Look at this by the Anchor Stores at each mall

12 Oaks - Nordstrom, Lord & Taylor, Macy's, JCPenney and Sears - "A"

Fairlane - Sears, Macy's, JC Penney and AMC Star Theatre - "B+"

Lincoln Park Shopping Center - Recently Demolished Except for the Sears - "C"

Westland - Sears, JC Penney, Kohls - "B"

Lakeside - Sears, Macy's, Lord And Taylor, JC Penney, "A"

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Post ID: @2neg+RVgAxHj

Lakeside and Oakland malls (sterling and Troy) are still A malls.

Eastland is in Harper Woods, not Detroit. It has had a perceived crime problem for 30 years, however it has now lost ALL its anchor stores (even target) it was one of the first malls in the country. 25-30 years ago the mall Police Force (yes they were actually Eastland Police not security) were instructed to stop carrying guns. What idiot made that decision should be drawn and quartered as that’s what led to the perceived crime problems ( For most of the last 30 years that mall was perfectly safe) - now in recent years they have had issues including a shooting at the Burlington store (outside actually).

Sad times. it was a grand mall in its day, I remember in the early 70’s when they enclosed it (it had originally been a mostly outdoor mall) I remember walking that malls for hours in the late 70’s and later early 80’s. It had everything. (No sears at that time, JCP and Hudson’s -now Macy’s - were the anchors. Later they added Montgomery ward, which became Main Street which became Kohl’s and then closed or became Target (I can’t remember). The JCP closed and became Sears in the late 90’s but closed again 6 years ago I think.

Macy’s pulled out last year and now target. I can’t imagine how they can turn around and the mall is enormous. 2 Miles down the road is one of the wealthiest zip codes in the country, amazing that they couldn’t survive.

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Post ID: @2clj+RVgAxHj

@2hkk What would Sterling and Troy be considered? A or B?

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Post ID: @2zqg+RVgAxHj

2hkk- thanks for the information

12 oaks mall in total is a nice mall but I find it difficult to navigate

WESTLAND’s MACYS is closed and the building is huge. H&M was suppose to come to westland in MACYS but I think the building has problems, heard asbestos.

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Post ID: @2xhr+RVgAxHj

Twelve Oaks is one of the top malls in the Detroit area, along with Somerset, Briarwood, and Partridge Creek.

An example of a "C" mall in Detroit would be Eastland, which has lost all of its major anchors in part due to its location in what is the most dangerous part of Detroit.

The Westland Sears is one of the most recent Sears to open (the store opened in 1997)

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Post ID: @2hkk+RVgAxHj

What does B or C mean that you reference?

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Post ID: @2klf+RVgAxHj

Walmart wanted to build in Lincoln Park. Sears blocked them and now anchors a dead eyesore shopping center.

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Post ID: @1baw+RVgAxHj

Fairlane and 12 oaks are definitely NOT B or C malls, those properties will go to Seritage. So depending on the economy those stores are safe for 18-24 months.

Westland is a dump but they do a decent business at that store, I would expect a closure late this year, Lincoln park as well (its ten minutes from fairlane by car) assuming either location can find someone who wants the space.

Although they could close the sears at 12 oaks and relocate to the former Grand store (now Sears outlet )which is across the street and 75% empty

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Post ID: @1wup+RVgAxHj

OP said 12 Oaks is vibrant. Would like to hear from someone working there too.

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Post ID: @nsv+RVgAxHj

12 Oaks is not a "B" or "C" Mall.

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Post ID: @hsj+RVgAxHj

The malls they are in are B and C grade malls.

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Post ID: @wkv+RVgAxHj

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