Ring fenced properties deal will be finalized end of Feb 2018

More recently, the company also amended an agreement with PBGC (Pension Benefit Guaranty Corporation), whereby after February 2018, nearly 138 properties will be moved away from the ring-fence agreement created under the PPPFA (Pension Plan Protection and Forbearance Agreement) by paying $407 million towards the company’s pension plan. This amendment will make it possible for Sears to sell these additional 138 properties to boost liquidity.

There are 9 Michigan Sears store and I believe most are mall anchors

Including Fairlane Mall, Westland Mall and 12 Oaks

Wonder how long before these ring fenced properties have left to stay open or will they continue to operate to fund the pension funds?

So after March 2018 should be very interesting to say the least

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@vkj The vast majority of these properties, once sold to the REIT holding company, will not have other companies lining up to lease them due to a glut of more-desirable retail real estate. They will continue to be leased to/by the existing Sears store occupying them until, a few at a time, Sears decides they can't afford to continue paying that lease. Or until the whole company implodes.

Yeah yeah. I feel like I see this every couple of months. Eventually it will be correct.

My store is one of those ring fenced properties and at this point in the game im ready if we close. Bring it on!

Vjk- that’s a great question !

We can only cross our fingers

they stay open for all the great workers of the company

I wonder will eddies reit company Seritege buy or one of his buddies?

Either way the money goes to the pension fund

I think it depends how much money the company gets for selling them. They may not have to sell them all to reach the $407 million commitment. Some will close, some will be downsized and some will not change.

When you say sell you think they will just become reit properties and then still stay open but just operate business from one floor instead of two or do you think they will close all together?

Thread regarding Sears layoffs

Ring fenced properties deal will be finalized end of Feb 2018

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