News

Sears real estate spinoff Seritage explores strategic alternatives as Eddie Lampert quits board

In this article

Eddie Lampert, former CEO of Sears.
Source: Sears Holdings

Seritage Growth Properties, a real estate investment trust that was spun out of the defunct department store chain Sears in 2015, said Tuesday that it is exploring strategic alternatives for its business.

The company also announced that former Sears CEO Eddie Lampert, who had been serving as chair of Seritage’s board, is retiring, effective immediately.

Lampert said in a statement that he wanted to have greater flexibility to explore alternatives for his investment in Seritage, which could include participating with parties that may be interested in acquiring certain assets from the company.

Seritage President and CEO Andrea Olshan added in a statement that the real estate company’s board believes there is an ongoing disconnect between the company’s stock price and net asset value.

Seritage shares were recently up less than 2% in premarket trading. Shares are down 23% year to date, bringing its market cap to $444.6 million.

Find the full press release here.

This story is developing. Please check back for updates.

Products You May Like

Articles You May Like

Pending home sales post surprise increase in May, likely due to brief pullback in mortgage rates
Malibu now only a billionaires’ club after Larry Ellison laid the groundwork
Wall Street Landlords Taking HUGE LOSSES. Forced Liquidations Coming.
How Real Estate Investors Can Earn More Money In Investment And Why? Business Mindset Real Estate?
REDFIN Price Drops ALL TIME HIGH

Leave a Reply

Your email address will not be published.