Docket # 1393
Order signed 12/21/2018 (I) Approving the Sale of Certain Real Property, ((II) Authorizing the Assumption and Assignment of Certain Unexpired Leases in Connection Therewith, and (III) Granting Related Relief (Related Doc # 938).
Attachments:
Related: docket # 938
From docket # 938
9. The Purchase Agreement provides, in pertinent part, for the sale of the
Acquired Assets for an aggregate purchase price of $62 million. As more fully described in the
Purchase Agreement, the Acquired Assets consists of:
• Real Property: twelve parcels of real property that currently or in the past
were operating as Kmart® stores and one parcel of real property that is a
currently operating Sears® store, together with all Improvements and Personal
Property thereon.
• Assumed Leases: six unexpired non-residential real property leases, all of
which are leases as to which a Debtor is the lessor.
Each of the Acquired Assets is a non-essential asset that is not material to the Debtors’ ongoing
operations or revenue-generating capacity. Indeed, three locations are “dark” and six locations
have negative EBITDA. Although the remaining four locations are generating positive
EBITDA, the purchase price being paid by the Purchaser warrants proceeding with the sale.
