The real estate company that Sears spun off five years ago to shore up cash is cutting ties with most of the struggling retailer’s remaining stores. Seritage Growth Properties is terminating the master lease covering 12 of the remaining Sears and Kmart stores in its portfolio, the company announced Thursday. The real estate investment trust will collect a $5.3 million termination fee from Sears’ parent company, Transformco, as part of the deal. The payment is
source https://therealdeal.com/2020/06/05/seritage-terminates-leases-on-most-of-its-sears-kmart-locations/
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