×
1 222
Fashion Jobs
ALEXANDER MCQUEEN
Collection Coordinator Assistant
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots, Oxford - 24 Hours - Part Time, Permanent
Permanent · Oxford
ESTÉE LAUDER
Clinique - Consultant - Boots, Sedley Place London - 37.5 Hours - Full Time, Permanent
Permanent · London
PAUL SMITH
Office Administrator
Permanent · NOTTINGHAM
FRASERS GROUP
Trainee Commercial Manager
Permanent · SHIREBROOK
FOREO
Key Account Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 26 Hours - Part Time, Permanent
Permanent · Edinburgh
BEARA BEARA
Marketing Executive (Taiwanese)
Permanent · LONDON
BRANDLAB 360 - HULA
Hula by Barbara Hulanicki – Wholesale Sales Manager
Permanent · LONDON
HOMEGOODS
Loss Prevention Detective
Permanent · Countryside
TK MAXX
10933-Loss Prevention Officer Sth Ruislip
Permanent · Ruislip
TK MAXX
10933-Loss Prevention Officer Haringey
Permanent · London
ESTÉE LAUDER
Aveda Haircare Category & Marketing Planning Manager
Permanent · London
ESTÉE LAUDER
Mac - Area Sales And Education Manager - London - Maternity Cover
Permanent · London
RALPH LAUREN
Operations Manager - Gretna
Permanent · Gretna
LUXURY RECRUIT
Head of Digital - Luxury
Permanent · LONDON
LUXURY RECRUIT
Brand Director - Luxury
Permanent · LONDON
LEVI'S
Mobile App Trading & Operations Manager
Permanent · London
BLACK PR
Sales Account Manager
Permanent · LONDON BOROUGH OF HACKNEY
ESTÉE LAUDER
Clinique - Consultant - Boots, Inverness - 18 Hours - Part Time, Permanent
Permanent · Inverness
RELY RECRUITMENT
Head of Finance / Finance Manager
Permanent · LONDON
LEVI'S
Performance Marketing Manager
Permanent · London
By
Reuters
Published
Apr 1, 2015
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Sears to raise $2.5 bln by selling stores to REIT

By
Reuters
Published
Apr 1, 2015

Sears Holdings Corp said it would raise more than $2.5 billion by selling stores to a real estate investment trust it is setting up, in the latest move to shore up its finances.

Sears shares rose 7 percent at $44.22 in premarket trading on Wednesday.
Billionaire Chief Executive Eddie Lampert, who controls nearly half of Sears, has launched a series of unusual transactions, cut costs and sold assets to turn around the company, which has posted losses for the last 11 quarters.

Sears

His latest move involves setting up a REIT, Seritage Growth Properties, which will buy and lease back about 254 Sears and Kmart stores. Sears owned or leased 1,725 Sears and Kmart stores as of Jan. 31.

The company said on Wednesday it would also form a joint venture with mall operator General Growth Properties Inc , under which it will sell 12 stores to the JV for a 50 percent stake and $165 million in cash.

Sears had disclosed its intentions to sell up to 300 stores to a new REIT in November.

Seritage Growth will launch a rights offering to partially fund the purchase of the stores.

Sears said its shareholders will receive subscription rights, on a pro-rata basis, to buy common shares of Seritage.

Lampert and his hedge fund ESL Investments Inc, who together hold a 48.5 percent stake in Sears, intend to exercise their pro-rata portion of the subscription rights in full.

$1 = £0.68

© Thomson Reuters 2022 All rights reserved.