Does anybody know if the stores that were announced to be closed yesterday are all seritage properties?
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Yes. Seritage's website lists all of their properties. Every one of this week's closings are Seritage stores.
What remodels? The Burnsville Center one has a severe mold problem. It has a roof that leaks. The rest of the mall was updated including the dept stores jcpenny, Macy's but Sears is time stood still.
eddie has managed to extract $11.2 m plus operating costs from sears to his own pockets and at the same time will be able to rent out for more after october- win win for him lose lose for sears.
well of course eddie owns them all .. they all just finished their remodels and upgrades using sears money which eddie can now write off all the money just used to do all of this ... not to mention the stores have already been slotted to have other companys that eddie owns opening in these closing stores ... the man is a wizard at making himself money, everything being done is to profit his company and nothing to save the sears company its a shame he is getting away with this
You think Lambert started Seritage to help Sears. No way! From the start everyone knew what his plan was. Why should he collect rent for roughly $4.00 a square foot from Sears when he can rent it out with no headaches for at least 4 - 5 times that with say a D--k's, Whole Foods, etc.
Yes. All 20 were Seritage.
According to Seritage's 8-K that was filed yesterday, all of them were. See below.
Item 8.01. Other Events.
On June 21, 2017, pursuant to the terms of the master lease (the “Master Lease”) between subsidiaries of Seritage Growth Properties (“Seritage”) and subsidiaries of Sears Holdings Corp. (“Sears Holdings”), Sears Holdings exercised its right under the Master Lease to terminate the Master Lease with respect to 20 unprofitable stores totaling approximately 3.8 million square feet of gross leasable area. The aggregate annual base rent at these stores is approximately $11.2 million, or 4.9% of the Company’s total annual base rent as of March 31, 2017, including all signed leases. Sears Holdings will continue to pay Seritage rent until it vacates the stores which is expected to occur in October 2017. Sears Holdings will also pay Seritage a termination fee equal to one year of the aggregate annual base rent, plus one year of estimated annual operating expenses.
https://www.sec.gov/Archives/edgar/data/1628063/000089534517000238/jw8k_seritage.htm
Just read all 20 were seritage properties