Sears real estate spinoff Seritage explores strategic alternatives as Eddie Lampert quits board

Real Estate

In this article

Eddie Lampert, former CEO of Sears.
Source: Sears Holdings

Seritage Growth Properties, a real estate investment trust that was spun out of the defunct department store chain Sears in 2015, said Tuesday that it is exploring strategic alternatives for its business.

The company also announced that former Sears CEO Eddie Lampert, who had been serving as chair of Seritage’s board, is retiring, effective immediately.

Lampert said in a statement that he wanted to have greater flexibility to explore alternatives for his investment in Seritage, which could include participating with parties that may be interested in acquiring certain assets from the company.

Seritage President and CEO Andrea Olshan added in a statement that the real estate company’s board believes there is an ongoing disconnect between the company’s stock price and net asset value.

Seritage shares were recently up less than 2% in premarket trading. Shares are down 23% year to date, bringing its market cap to $444.6 million.

Find the full press release here.

This story is developing. Please check back for updates.

Articles You May Like

Muni market takes a breather as inflows continue
Starboard pushes an open door at Becton Dickinson as company seeks to separate its biosciences unit
Trump takes aim at ‘wasteful’ government spending by ordering end to penny production
Firms cry foul over alleged unequal treatment by SEC
Vanguard announces fee cuts for nearly 100 funds, including ETFs with billions of dollars in assets