Eddie Lampert, former CEO of Sears.
Supply: Sears Holdings
Seritage Growth Properties, an actual property funding belief that was spun out of embattled division retailer chain Sears in 2015, mentioned Tuesday it’s exploring strategic options for its enterprise.
The corporate additionally introduced that former Sears CEO Eddie Lampert, who had been serving as chair of Seritage’s board, is retiring, efficient instantly.
Lampert mentioned in an announcement that he wished to have larger flexibility to discover options for his funding in Seritage, which might embrace collaborating with events which may be concerned with buying sure property from the corporate.
As of Sept. 30, Lampert owned a 22.1% curiosity within the firm and about 9.3% of Seritage’s Class A shares, in response to a securities filing.
Seritage President and CEO Andrea Olshan added in an announcement that the actual property firm’s board believes there may be an ongoing disconnect between the corporate’s inventory worth and web asset worth.
“We consider that embarking on this course of represents probably the most environment friendly strategy to unlock the total potential of this portfolio,” she mentioned.
Olshan took over as CEO a few yr in the past, and her focus has been on redeveloping the roughly 170 properties through which Seritage has pursuits. As of March 2021, Seritage mentioned it not has publicity to Sears nor Kmart, because it has been backfilling these areas with new tenants.
Seritage mentioned Barclays is serving as its monetary advisor within the evaluate course of.
The corporate additionally mentioned Tuesday that present board members David Fawer and Thomas Steinberg is not going to search reelection at an annual shareholders assembly. The corporate is trying to find further board candidates.
Seritage shares closed the day up 7.8%. The inventory is down 17% yr thus far, bringing its market cap to $479 million.
Discover the total press launch here.
Correction: Sears continues to function. An earlier model mischaracterized the division retailer chain.