Not only did Seritage collect only half of its rent last month, 24 hour fitness, which is responsible for 3.5% of Seritage's rent declared Chapter 11 too. Seritage has a truly insurmountable debt pile that is 29x trailing twelve months, and it looks to grow only worse with all the gyms, theaters, trampoline parks, and other "experential" mall boxes that no one wants to go to, buy, or lease anymore. Meanwhile his very best friend at Aventura mall in Miami have been suing him over work stoppages because Seritage doesn't have money to continue, so he's issuing himself tons of shares and quickly paid out the proceeds that Seritage desperately needed to be viable from ill-advised fire sales as dividends. All signs point to liquidation of all Eddie related properties into Eddie's pockets at fastest possible speed before another bankruptcy.
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Someone's in corporate is trying reaaaaly hard to steer away from Kmart talk on this board, even though it's all one big unhappy TransformCo. Even before the virus, Pepsi Frito-Lay stopped supplying Pepsi and Chips. How broke does Eddie have to be to not be able to pay for Pepsi, salsa and chips? Even little six year old Emma at the bake sale can keep a good stock of those, but not Eddie Lampert? You're actively driving people away if you don't keep that stocked. No shill has been defending Sears' viability on here for a good long while, things really must be circling the drain.
So Warren Buffet will end up with the properties as he is the largest bondholder. I think he has planned this all along knowing how stupid Eddie is.