UnNews:Sears sale/leaseback opens new chapter in losing money

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Sears sale/leaseback opens new chapter in losing money

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8 June 2015

Searshold

By selling itself to itself then renting off itself, Sears shows it is not afraid to return to the cavalier days of boom and bust.

HOFFMAN ESTATES, Illinois -- Sears Holdings Corp. finalized plans to transfer most of its stores to a real estate investment trust (REIT) called Seritage Growth Properties, from which it will lease back space.

The move will result in Growth of expenses for its Properties, but will give the retailer a fresh new dollop of cash with which to pay the expenses. The move is modeled after the era of steamer warships, where in a pinch, the walls of the ship could be torn apart and thrown into the boiler. Steamer warships, on the other hand, had technology that Sears stores do not.

The corporation owns not only the American Sears chain but also KMart, a 2005 acquisition intended to corner the market on stores at which no one wants to shop. It was KMart that acquired Sears, but if the acquisition were called KMart Holdings Corp., then no one would want to invest either.

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Did you know...
Did you know that, with a simple criminal background check and a drug test, you too can enter the retailing business?

According to Joe Seritage, the president of the REIT, the restructuring will make $2600 million available to the company, which is enough to cover the $303 million the company lost in the first three months for a full two additional years (before taking into account one-time events that seem to recur each quarter). This should buy the company time to perfect the sales technique that saved Radio Shack.

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