Sears Sees Finances Improve After Spin-off
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Sears Holdings completed its REIT spin-off last month.
HOFFMAN ESTATES, IL—Sears Holdings Corp. said Monday it expects to report an improved financial position when it announces second-quarter results on August 20, thanks largely to its sale of assets to spin-off REIT Seritage Growth Properties. The financially challenged retailer continued narrowing its losses during Q2, although it expects to report a 10.6% year-over-year decline in same-store sales for the quarter ended July 25, its second consecutive quarter of double-digit declines.
SHLD on July 7 sold 235 properties to Seritage in a sale-leaseback as well as its 50% share of joint ventures withGeneral Growth Properties Inc., Simon Property Group and the Macerich Co., for gross proceeds of $2.7 billion. The company expects to realize $1.4 billion in net proceeds from the sale, with $510 million reported for Q2 and the balance deferred and recognized over the lease terms…
