Thread regarding Sears layoffs

"Sears must abide by lease restrictions" a judge ruled

Eddie was just told that he can not sublease space to D--k's in the Palm Garden mall. Sears wants to decrease their retail space and lease it to other stores like D--k's Sporting Goods, Primark, and Lands End. However, just like you can not sublet your apartment, Forbes/Cohen Florida Property LP who owns the mall argues that Sears cannot sublet their space either. Forbes says Sears needs their approval as well as the city's before Eddie can decide to invite another retailer to set up shop in his store.

A judge agreed with Forbes and says Sears does not have an unrestricted right to sublease space. This could throw a monkey wrench into Eddie's plan and Sears's viability.

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| 863 views | | 7 replies (last October 7, 2016) | Reply
Post ID: @OP+JKshrXH

7 replies (most recent on top)

the problem is Palm Beach doesn't want the other retailer Eddie wants to invite, Dicks Sporting Goods or Primark. This particular mall is upscale and they have high end luxury stores. Quite frankly, they would probably love to see Eddie pack up and take Sears with him and then rent or sell the property to other high end retailers. Sears isn't quite what they want for this upscale mall.

Eddie was hoping to receive lease payments from D--k's Sporting but that isn't going to happen in Palm Gardens, at least not at this time. Palm Gardens may be difficult to deal with but for a bunch of misused and mistreated employees they can celebrate the fact that someone is squeezing his cajones.

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Post ID: @ndj+JKshrXH

Palm Beach is notoriously difficult to deal with. I'm not surprised at this outcome. The space for the other retailer should just be walled off and demised. Demised space means less property taxes for that space.

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Post ID: @krq+JKshrXH

yep, 3.5 months old. 4 months of not being able to collect rent. Poor Eddie.

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Post ID: @wtd+JKshrXH

That's older news, I thought there might be an update to the case. My recently a mall initiated eviction proceedings against sears, I'll be curious to see how that goes.

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Post ID: @fin+JKshrXH

http://www.mypalmbeachpost.com/news/business/judge-sides-with-mall-palm-beach-gardens-in-sears-/nrn4C/

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Post ID: @qmy+JKshrXH

Link?

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Post ID: @iyw+JKshrXH

Happy Holidays, Eddie

From,

Palm Beach Gardens

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Post ID: @hfy+JKshrXH

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