Sears to sell 16 stores in online auction

  • Apr 11, 2018
  • Marketplace In The News - Fox Business News

Sears Holdings is selling 16 of its store locations in an online auction as the once-dominant retailer struggles to resurrect its business after years of sales declines.

The stores will be sold to top bidders under a “sale and lease-back” structure,” which will allow Sears to continue operations at the locations while paying rent, a company official confirmed to FOX Business on Wednesday. The new owners of some locations will be permitted to alter part of the properties for other purposes. The Wall Street Journal was first to report the auction.

Cushman & Wakefield, a real estate services firm, will conduct the auction through RealINSIGHT Marketplace, an online commercial real estate platform. The sales process began in February, and bids are due by May 1. Some 200 investor groups have expressed interest in the retail store locations, Sean Hayes, Cushman & Wakefield managing director, told the Journal.

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