Sears Sells 11 Stores To General Growth For $270M

Law360, New York (February 23, 2012, 2:51 PM EST) -- In the wake of its worst quarterly loss in a decade, Sears Holdings Corp. has agreed to sell 11 store locations to shopping mall owner General Growth Properties Inc. for $270 million in an effort to boost liquidity, Sears said Thursday.

The stores being sold to General Growth are in 10 states, with two locations in Iowa. General Growth said the retail locations have about 1.8 million square feet of gross leasable area in total.

The deal is expected to close in the second half of...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.