A counterpoint to this sad tale is the fact that Seritage Growth Properties, a REIT set up by Lampert, could benefit handsomely from a Sears Holding bankruptcy. As Sears’ stores close, Seritage can redevelop and lease the properties to new occupants. Seritage bought the Sears properties in a sale/leaseback transaction in 2015. If reconfigured, the Sears space might be attractive to several tenants including Sephora, Primark, Lidl, Aldi, Whole Foods (365), Cinemark Holding, among others. Eddie Lampert, CEO of Sears Holding, Seritage, as well as ESL Holding is sure to gain from Seritage’s potential growth.

Source: Forbes May 01, 2017 11:12 UTC