Seritage Growth Properties (SRG)

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Seritage Growth Properties (SRG) Provides Business Update with Respect to Recent Events Regarding Sears Holdings

October 15, 2018 9:15 AM

Seritage Growth Properties (NYSE: SRG) (the “Company”) today provided a business update related to the recent announcement by Sears Holdings Corporation (“Sears Holdings”) that Sears Holdings has filed for Chapter 11 bankruptcy protection.

“All of our capital investment, leasing and development activity over the last three years is unlocking substantial value, and has significantly diversified our income stream with approximately 70% of our signed leased income now coming from diversified, non-Sears tenants,” said Benjamin Schall, President and Chief Executive Officer. “We have $1 billion of cash and committed capital under our Term Loan facility, which provides us the funds to complete all of our on-going redevelopment projects and cover reductions in cash flow that may result from the potential disruption in Sears income. The completion of our redevelopment projects brings our signed leased income on-line and will replace any potential lost income from Sears Holdings.

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https://www.streetinsider.com/dr/news.php?id=14704501

Marker:
Seritage Growth Prop (SRG)
$43.50. up 1.75 (4.19%)
Volume: 928,291