Stock Groups

Sears spinoff Seritage explores alternatives, Eddie Lampert quits board

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Eddie Lampert, former CEO of Sears.

Sears Holdings

Seritage Growth PropertiesThe real estate investment trust ‘, which was created from the Sears department store chain in 2015, stated Tuesday that it is looking at strategic options for its business.

In addition, Sears’ former CEO Eddie Lampert announced his retirement as the chair of Seritage’s board.

Lampert stated in a statement, that he wants to be more flexible in exploring alternatives to his investment in Seritage. This could also include participation with other parties interested in purchasing certain assets.

Andrea Olshan, Seritage CEO and President, stated in a statement that there was a disconnect between Seritage’s stock prices and its net asset values.

Recent premarket trading showed that Seritage shares had been up less than 2 percent. Market cap is now $444.6million, and shares are currently down 23%.

Get the complete press release here.

The story is still in development. Stay tuned for new updates.

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