Real Estate

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

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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.

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