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This REIT Just Abandoned Its Strategy

TheMotleyFool

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This REIT Just Abandoned Its StrategyPhoto, wide shot, wide-angle lens, Department store, sunset photo at golden hour, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/57f223bf-67a0-476b-94dd-76010fccb266.png

Back in 2015, Seritage Growth Properties (NYSE: SRG) was formed to buy a substantial chunk of Sears Holdings' real estate, giving the struggling retail icon a $2.7 billion cash infusion.

At the time of the sale, nearly all of the properties were leased back to Sears and Kmart. However, Seritage aimed to gradually redevelop those properties by splitting up large-format Sears and Kmart stores into smaller spaces that could be rented to higher-paying retail tenants.

Seritage Growth Properties ran into numerous obstacles while trying to execute its redevelopment plan. Now, under new CEO Andrea Olshan, it appears to have abandoned this strategy altogether.

Source Fool.com

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