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Trading Alert: Sears Announces More Store Closings

Apparently yesterday was Store-Closing Wednesday. Shortly after 4 pm yesterday, Macy’s revealed a list of stores that will be closing in the near future.

Just a short time later, Sears announced it will close 150 Sears and K-Mart stores.
Almost 50 of the Sears and K-Mart store closings had leaked out over the previous week, and we wrote about them as the corresponding local stories emerged. Yesterday’s list came from Sears and included 100 more names that were previously not revealed.
The properties fall into three categories for CMBS investors: those that do not touch CMBS, those that touch CMBS as either a tenant or a shadow anchor, and those that are part of the Seritage program. We have assembled a list of CMBS loans that have exposure either as a tenant or a shadow anchor. That list is here: 2017 Sears/K-Mart Store Closings.
The list does not include the store closings surrounding the large Seritage CMBS issue. Also not represented is the Alderwood Mall loan, which is split across several CMBS deals. That parcel is also a jointly owned location.

 
Compliments of Trepp – a member of the EACCNY