How a financial wizard took over a giant of American retailing, and presided over its epic decline.
One has to wonder why shareholders aren’t going berserk over what’s happening to their value here. Even a small multi-million dollar settlement seems insignificant to the overall value they seem to have lost, even in a market space that would seemingly be shrinking. Someone somewhere isn’t minding the store like they should and it feels like some self- and double-dealing is going on.
Sears is closing its final store in Chicago, the city it called home for more than a century.
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The Six Corners store, like more than 100 other Sears locations, is owned by Seritage Growth Properties, a real estate company controlled by Sears Holdings CEO Eddie Lampert. Seritage, which is publicly traded, has a market value nearly 10 times greater than Sears Holdings. ❧
Interesting to see the interaction between Sears Holdings and Seritage. The value is apparently all in the real estate.