Sears files for Chapter 11 bankruptcy

One of Sears' major shareholders just dumped a chunk of his stock for pennies on his original investment

But some locations not even on the list — like the Sears at Tampas Westshore Plaza — have already chose to give up on the 132-year-old retailer.

Most large USA malls are controlled by REITs.

Sears, once the world's largest retailer, has now officially filed for bankruptcy, while announcing plans to close another 142 unprofitable Sears and Kmart stores, including several in the area.

The company filed bankruptcy past year and said it would close 46 stores initially.

Sears now accounts for less than 1.0 per cent of many REITs' base rental income.

In bankruptcy court on Monday, Andy Dietderich, an attorney for Sears investor Bruce Berkowitz, formerly a member of the retailer's board of directors, expressed concern that Lampert would have too much control over the bankruptcy process.

The REITs have looked forward to a bankruptcy to remove the eyesore of many Sears stores. It's been obviously improperly run for many years, and it's a shame'.

1925 - The first Sears brick-and-mortar store opens in Chicago. Toys R Us and Bon-Ton Stores, Inc. were forced to go out of business after they initially filed Chapter 11 reorganization.

"What they've always said to me, we certainly are happy to get back the boxes", said Haendel St. Juste, a REIT analyst at Mizuho Americas in NY.

Sears Holdings leased the properties of its Kmart and Sears locations in St. Joseph. "What Sears did was make big-city merchandise available to people in small towns", he said.

2005 - Kmart buys Sears and the company becomes the Sears Holdings Corp. "But they didn't run it quite well, and that's the effect of not running something right", said 61-year-old retiree Paul Thompson, a Kmart customer at one of its stores in Bridgehampton, New York.

An out-of-court resolution "did not prove possible", ESL said.

"It is going to be expensive, in some cases, to redo these boxes, but that's just part of being a landlord", Rothman said. That last piece is especially valuable in a part of the region where life sciences and technology companies have been growing rapidly.

The redevelopment of a Sears site at Kings Plaza in Brooklyn, New York, which opened in August, cost Macerich Co $100 million, including the asset's purchase. In the previous announcement, the retailer said the Kmart on East 18th Street in Antioch and the Sears at the Captiola Mall would close.

But the company, which has close to 70,000 employees, has not turned a profit since 2011, and critics say Lampert let the stores deteriorate over the years, even as he bought the company's stock and lent it money, making him its largest shareholder and creditor.

Sears' average rent was $5.25 per square foot, the lowest among Kimco's top 50 tenants. But Trump added that numerous Sears' sites will be put to "good use" and mean a lot of jobs. Whirlpool said Sears' bankruptcy will have a limited impact on its business, while Electrolux said it did not assess a need for material one-time costs as an immediate outcome of Sears' debt restructuring.

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