In a move to raise more cash, Sears forms a joint venture with Simon Property
Sears Holdings (SHLD) announced Monday that it has formed a joint venture with commercial real estate investment firm Simon Property, to which the operator of department stores will contribute 10 properties valued at $228 million. Sears plans to lease back the properties from the join venture, and continue to operate outlets at those locations.
It is the latest move by the struggling retailer to cash in on the value of its real estate. Earlier this month, it announced a deal along the same lines with General Growth Properties, Inc. in an effort to raise badly needed cash.
In its most recent earnings announcement, Sears said that it had lost $159 million during a holiday season when many of its competitors thrived.
Read the full story at The Wall Street Journal’s website.
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