I cross referenced the store closing list to the pension property list and the store numbers below that are closing are on the pension list. If I missed a store please add it. Only add pension properties please. These are all Full Line Sears NOT Kmart or auto centers.
Stores: 1565,1685,1780,1600,2760,1642,2087,1700,1720,2180,1222,1690,1734,1874,1717,1051,1545,2305,,1076,1267,2587.
22 of the 48 Sears FLS store closings are pension properties.
Correction: Homart was sold to General Growth Properties (GGP) NOT Simon. My mistake.
@2ftb, Homart WAS a division of Sears. It was sold off in 1995 to Simon Properties/Mall Developers.
Our store number 1740 shows the taxed entity as Homart Development which is a Sears real estate subsidiary. What does that means in terms of our status?
@2mas, Thanks for the feedback. The REMIC list is a joke.
@2rlz I didn't bother to look up all of those, but the first one, #2115 in Waycross, GA, is one of the properties that was already vacant when they put it on the REMIC list a year or two ago. It closed a whopping 8 years ago. Most if not all of the rest of those you listed are probably similar.
http://articles.chicagotribune.com/2010-02-19/business/ct-biz-sears-closing-eight-stores-feb19_1_sears-essentials-stores-full-line
Sears Pension stores closed beside ones above:
Stores: 2115,8745,2121,2250,1680,1086,1286,2207,. Not exactly sure when closed but they are not on sears.com or yelp.
@1mkz So true. The DMs need to feel stressed out and take in more responsibilities
@1bnm I'm not totally sure and don't remember the details, but I think there was a thread some time last year about a few DMs'/RMs' territories being consolidated. I don't know if that ended up actually happening or not, but it sure could use some more consolidation at this point.
Now with all these store closings and employees loosing their jobs, how many DMs are loosing their jobs? They must be a protected class of employees..why not just eliminate them entirely and push DM role into the RM?
Woodland Hills mall, 1151, is actually a joint venture with Simon Property. The Joint venture has recapture rights to re purpose 50% of the store. But the assessors web page does list Simon Property as the legal owner, with some shady real estate transaction occurring in 2015 for the sum of $500 which changed legal ownership. The grifters are a busy lot.
@1lre store 1151, if it is the store at 6929 south memorial drive, in Tulsa OK, appears to be owned by Simon Property Holdings, which you can learn by going to the Tulsa county assessors web page and looking to see who the legal owner of that address is. So it appears that your store is leased. Shld owned the store until 2015 when Simon acquired it. Unless you have worked at the store for a very short time, I am surprised you wouldn't know this as surely it was talked about.
@tfx I don't think they're especially "disposing of the pension stores quickly"... 25 out of 138 is only 18%. I don't remember exactly how many total stores there were at the beginning of the year, but I don't think it was more than 1000; and over 200 have closed / are closing so far this year, which is 20+%. So they're not closing these any faster than all the stores being closed.
"pension stores" = the REMIC list aka "ring-fenced", stores that if the real estate is ever sold (regardless of whether the store is still running in it), the profits have to go into the pension fund instead of the Sears corporate operating budget.
Usually you can go to the county property assessor's website for where the store is located and under ownership it will say statutory trust in the name somewhere. In March the name Src Facilities llc replaced statutory trust. Says it is a simple name change (at least for store 1012), but that is a ringed property. We (des moines) just lost our last Kmart, and this is our last Sears (aside from the little home store in waukee, which is not shld). Won't last long.
What are pensions stores? I would like to know is store 1151, a pension store. Thank You
@1ajh I’m not sure of store number
@1nyg, that is store number 1760 right?
Thank you for posting these pension properties
Twelve oaks, Novi MI is pension property that was placed on that auction site, anyone know if they got a buyer?
If my post confuses anyone please tell me and I will explain things more clearly.
Of the 103 Sears/Kmart stores announced to close in Jan 2018, Store 1099 was a pension property.
That brings the grand total of pension stores closed this year to 25 out of 138 pension stores.
If you are a Sears REMIC property that is closing that I did not list please add your store number. Thanks.
I forgot to add the of the 40 stores closing in august to the list. The following are pension stores:
2 are Sears Pension stores. 2855,1455.
It seems that they are trying to dispose of the pension stores quickly.