The owner of former Sears stores is looking to sell as many as 50 properties as it tries to generate cash and focus on the development of other sites it owns, Bloomberg News reported. Seritage Growth Properties, a real estate investment trust that emerged from the Sears bankruptcy, wants to unload 40 to 50 sites that “were less interesting in terms of uses of our capital,” according to Chief Executive Officer Andrea Olshan. “I’ve been very clear what I want to own and what I don’t think is strategic for us to own,” Olshan said. Sears Holding Corp. filed for bankruptcy in 2018, closed stores and terminated the last of its leases in March with Seritage, which owns 154 sites and has a stake in another 25. The company’s debt load is roughly double its market value of about $800 million. A $1.6 billion loan from Berkshire Hathaway Inc. matures in 2023. Seritage had a net loss of $92 million in the 12 months through March. The stock plunged more than 60% in 2020 as the pandemic battered real estate. The shares have rebounded a bit this year, gaining 28% to close Wednesday at $18.76. The stock was little changed on Thursday.
