https://www.businesswire.com/news/home/20200604005380/en/Seritage-Growth-Properties-Tenant-Activity-Update
28 replies (most recent on top)
Some stores were notified of their upcoming demise
Yawn. Someone post the 12 f—ing stores that are closing. Until you have the specific, exact 12 (not just a guess which 12 out of 17 will close), then LET US KNOW. Until then, this is just a guessing game. Until the exact 12 are specified, STFU and stop teasing us.
Nobody can post it because there IS no list of the specific 12 available online yet. So I stand by what I wrote before, that we DO NOT KNOW for sure, which 12 out of the 17 are closing. Until we Know exactly which 12 of the 17, it's just guessing and speculation.
It's like a NFL coach Saying that 12 of his 17 reserve players will get cut, but 5 will make the team. But he has not decided (or is not yet willing to state) which 12 players will be cut yet. That's where we are now.
I can't think of any reason that the SEC would remove the store list (Exhibit A). If you did see such a list, please post it here.
The 12 stores got posted and linked to the SEC site. Admins deleted them probably because they used insults about the short bus and saying that people were probably qualified to be CEO of Sears.
Wow, I wish someone would reveal which 12 they are. Whenever a new closing list is about to come out, it feels like the same anticipation I get on Christmas Morning. ll those gifts waiting for me, but I don't Know what's in the wrapping. What wonderful treats will we get?
I feel like a kid looking at all those wrapped presents under THE TREE, but unable to look inside under the wrapper. Can't wait for the big reveal! I hope we get some nice juicy ones! Waiting for a new closing list is like waiting to open my Christmas gifts! The anticipation is getting to me! :)
Of course they did that on purpose. And of course they won't write back to you. But the bottom line (that I was trying to get through to the person below) is that we do NOT KNOW which 12 stores are closing. Each one of those 17 Seritage owned stores has a 12/17 chance of closing. And we cannot state for certain which 12 they will be.
Seritage's filing with the SEC left blank the Exhibit A which was supposed to list the 12 terminating stores. Whether they did this on purpose or by mistake, I don't know. I wrote to Seritage, but don't really expect a reply.
@3mtq+15ikq3o3 OK, but we still don't see exactly which 12. Can you show me which ones? And no, I havent been to 1 of their stores lately as there are none within 1000 miles of me.
"GOING. OUT. OF. BUSINESS. SALES"
Just where you're grasping continuation of store operations from that I don't know.
Makes me wonder if you've been in a Kmart or Sears location recently. Or ever.
And even among those 12. It simply states that the leases will be terminated. Not that the store will certainly close. They could perhaps keep the stores open on a Month to Month lease, or something like that. Or a new entity could take over the lease then lease it back to the Sears stores. So we dont Know for sure that the actual physical stores are closing, just yet. They probably will, but nothing is certain until we see those closing signs up LOL!
"The real estate investment trust will collect a $5.3 million termination fee from Sears’ parent company, Transformco, as part of the deal. The payment is due by Sept. 30 or “the completion of going-out-of-business sales.”"
RIF
The SEC filing is here. It appears that Seritage omitted the contents of Exhibit A which lists which 12 of the 17 stores are being "Terminated".
https://www.sec.gov/Archives/edgar/data/1628063/000156459020028426/srg-ex101_28.htm
Read the big screw you in this. Seritage terminates the lease, yet Transformco owes Seritage 5.3 million dollars. Only a deal ESL would make for the benefit of ESL.
Seven Sears stores, ten Kmarts.
Poor Seritage, it's toast beyond toast. None of the Sears can pay rent, and the five that are left have their rent "deferred" until September, as if they'll ever start paying. The company collected only 52% of rent in May, down from 64% in April, and it burns $30M a quarter just by sitting around, and that's before it invests a cent in redeveloping properties. Everything had to go perfectly even before COVID-19, and now mall real estate has gone tits up, with delusions of turning them into apartments or somesuch with money it doesn't have. Eddie's just flushing what little money he has left down the toilet while getting the properties into shape before handing the keys over to Mr. Buffet's heirs.
It sounds like Seritage would ideally like to see the 12 Sears and Kmart stores closed by September 30, but we'll see.
I noticed that the Sears in Salinas, CA (one of the 17 Seritage properties) was not announced to reopen today, though most of the other California stores were:
https://www.sears.com/en_us/dap/transformco-Coronavirus-2019-response.html
So when will this translate into actual stores being closed? Nothing new, as far as "store closings" listings, on the Jobs page, at this point......
A bunch of Kmarts were scheduled to turn into uhauls eventually but I don't think a comprehensive list was ever put forward many were still going to operate for a time.
Given the size of Puerto Rico I'd expect at least half of those to close.
After looking through a Seritage SEC filing, I found the 17th lease that I had missed:
Salinas, CA - Sears
Seritage legal is trying really hard to make these happen but a lot of these sign and leases are balking because of COVID-19 and are trying to renegotiate or back off completely. Also they have grounds to break the lease because Seritage hasn't completed construction on the promised time schedules because of COVID and also because they don't have the money because they're completely broke and like Seritage, on the verge of bankruptcy themselves if they haven't already done so. Many of these locations are closing simply because they're losing money and it's cheaper to shut the down. Seritage is in deep deep trouble and its survival is in doubt.
@ooa+15ikq3o3 These places are not going to wait until March, they are probably going to close down a lot sooner than that.
Yes, I would expect 11 or 12 of the 16 stores on my list here to close as a result.
(Maybe someone can help me find the 17th Seritage lease that I missed.)
Wonder if that means they are gonna close?
Cross-checking the Seritage list against the lists of 81 remaining Sears and 41 remaining Kmarts, I see these 16. (Not 17, so I may have missed one somewhere.)
Big Bear Lake, CA - Kmart
McKinleyville, CA - Kmart
Ramona, CA - Kmart
North Riverside, IL - Sears
Saugus, MA - Sears
Edgewater, MD - Kmart
Columbia, PA - Kmart
Walnutport, PA - Kmart
Bayamon, PR - Kmart
Caguas, PR - Sears
Carolina, PR - Sears
Guaynabo, PR - Kmart
Mayaguez, PR - Kmart
Ponce, PR - Kmart
Houston, TX (Shepard) - Sears
Alexandria, VA - Sears
Being terminated early, in exchange for money
This is a list of all Seritage properties.
https://www.seritage.com/properties
One of the 12 terminating leases is almost certainly the Sears at Square One Mall in Saugus, MA. The town has approved converting the first floor of this Sears to an Apex Entertainment Center:
https://melrose.wickedlocal.com/news/20200520/saugus-selectmen-approve-licenses-for-family-entertainment-center-at-sears-property
The leases are being terminated in March 2021.... big woop