Sears Holdings Corp. (fka SHLDQ)

[justthefactsmam]

if jcp closes, then the vacancy would present various issues for a landlord, depending if jcp was operating under a lease or rea.

if jcp closes in a mall which had a sears store which was in the seritage portfolio (or the go-forward properties) and the seritage sears (or the go-forward sears) continued to operate, then the problem would be less.

the berkshire loan deal with seritage had various covenants which may or may not be able to be satisfied. don't know if berksire's loan was secured by the properties and if they were do they have a junior position to esl on any of those. i just don't know the answer to that.

i believe that some of the seritage stores have been re-purposed for other uses very successfully. i also believe that is probably the way most of the sears stores will go looking out 3-5 years.