The Columbus-based real estate group (NYSE: WPG) has signed a definitive agreement to acquire four Sears department stores and four Sears Auto Center properties for $28.5 million in a transaction that should close in the second quarter of the year.
7 replies (most recent on top)
@ftw- Time to find another job, you seem waaaaay tooooo stresssssssed! See what SHC has done to you.
@ftw, pretty sure the article says employees at these stores are going to be laid off at some point.
@SawjsqD-cob Exactly its just buying a little bit of time. Our store sales have been plummeting like crazy. This is suppose to be the good months tax season when second week of April comes hell will come loose because tax season will pretty much be over and everything starts heating up.
I thought this was a layoff site? Did you write this article? NO. Did you give credit to who did? NO. Have any news about layoffs? NO. This has turned into a news regurgitation site. They should just put a link to foxnews.com.
That wording makes it clear these locations will close, just a matter of when.
I don't know about the others but I'll bet WPG is in a hurry to get Sears out of Polaris and redevelop for tenants that are a better fit. Wouldn't be surprised to see that store demo'd real soon so they can build an outdoor area like on the eastern end of the mall.
That's like two weeks of cash burn for a company that loses a billion dollars a year. We lose more than that, so that's gone before the end of the month.
Sears will continue to operate these locations for a period of time that provides us with a suitable timeframe to evaluate the best adaptive reuse,” Lou Conforti, Washington Prime Group's CEO and director, said in a statement.
The other properties are in these existing shopping centers: Longview Mall in Longview, Texas; Southern Hills Mall in Sioux City, Iowa; and Town Center at Aurora in Aurora, Colorado.
The new leases are expected to bring in $1.25 million a year.