Sears terminates lease on 19 seritage growth property stores

• Under its right under the Master Lease, Sears Holdings is terminating leases on 19 unprofitable stores totaling 1.9M square feet of gross leasable area. The annual aggregate base rent on these stores is about $5.9M, or 2.7% of Seritage's (NYSE:SRG) total annual base rent as of Sept. 30.

• Sears will continue to pay rent until it vacates, which is expected to take place in April. Seritage will also receive from Sears a termination fee equal to one year of total rent plus one year of estimated operating expenses.

Comment! It's anonymous!

8 replies (most recent on top)

My store will close on March 26 2017 sears columbus Georgia

So basically, so broke they needed a loan to afford to go out of business.

If any one is able to get the list of these property's please post them.

No this will be 19 new stores closing. Also in the filing in reference to the 500 million loan, it actually states they will use the money to close additional stores, what a slow bleeding disaster Eddie has turned this into. He has total distroyed this company from the inside out

I was under the impression that these 19 stores were part of the list that was already posted.

I found it. It was a sec filing for seritage. Doesn't say which stores. Good find original poster!!

Where is this quoted from? Date? Which stores?

Does anyone know which 19 stores?

Thread regarding Sears layoffs

Sears terminates lease on 19 seritage growth property stores

8 replies (most recent on top)

Post a reply