The SEC filing from ESL also said the hedge fund is exploring options to sell "all or portions of" Sears' remaining real estate: "We believe such a transaction could accelerate, and provide Sears with greater certainty than, its existing real estate divestiture efforts."
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A cry for help is what that statement is. Someone please save Eddie.
Elevator breaks every other week. It would cost $1,000,000 to replace it, says the repair man.
Hey those chillers are 50 years old
Who wants lead paint, asbestos and failing chillers
Who would want to buy any of the real estate? With all the other retail closings i.e. Toys R Us, Bon Ton, etc. you can get property that has been kept up for cheap. As @hci posted most of the remaining real estate has been for sale for years or is just junk.
I don't think the'd get much for most of the remaining stores. Most of these stores are only open because buyers don't want them and Seritage wouldn't touch them with a 10 foot pole, and keeping them open pays the property taxes. They're old, moldy, falling apart, filled with asbestos, not up to code and are attached to or located in dead malls and shopping centers.
Eddie would be lucky to get $50,000 or maybe $100,000 from some old ladies sc-aped together to buy one of these former (or soon to be former) Sears or Kmart store to turn into a bingo hall. Just about everything left in the portfolio is junk and worth nothing to a prospective retailer or for any other redevelopment.