Just mentioned in their SEC filing! Only in Eddieland can the loss of rent be viewed as good news. In just 3 months it lost 17 SNOs, lost 430 leases, and signed another 173 at an average of $15/sq f, just a couple of zillion shy of what it needs to break even! In Seritage equity holder land, this is GOOD NEWS! It beat expectations! Oh, and it sold $235M in income producing properties so they can pay for interest that goes into Warren Buffet's piggy bank. Hey, thelayoff! When are we going to get our own Seritage board? It's been five years already! Like everyone else who's ever worked for Eddie, when things fall apart because they followed his directives, the CEOs and CFOs run like the wind.
The most amazing thing about ESL is when it comes to actually running anything, he takes on debt in order to further his ideas that accelerate his operating losses faster! This is not how leveraging is supposed to work Eddie! Is it time to rename the Fountainhead to the James Taggert yet?