Lex Acker
Long/short equity, special situations, growth at reasonable price, deep value

Sears Holdings Real Estate: A Gold Mine In Antarctica

I have been asking myself what's keeping Sears Holdings (NASDAQ:SHLD) from massively closing all non-profitable locations and simply putting a big for sale or for lease sign up in front of those locations while keeping alive the profitable stores.

Could it be the case that there are not enough bidders for its real estate? Could it be the case that Sears Holdings is simply waiting for operations and retail real estate to turn around? Perhaps both are.

To be fair to the investment thesis that there's value in Sears Holdings real estate, I found some reports from Price Waterhouse Coopers and Colliers International showing pockets of opportunities throughout the US for Sears Holdings to unload some of its...

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