Sears Holdings is auctioning off 16 Sears stores online with help from Cushman & Wakefield and online bidding platform Real Insight Marketplace. In the main, the properties are attached to malls and located in suburban markets.
Five of the properties are in Texas, four are in Missouri, three are in Indiana, three are in Ohio and one is in Michigan, according to CNBC. Cushman & Wakefield says roughly 200 bidders have expressed interest. All bids are due by May 1, according to the Real Insight Marketplace website.
The conventional understanding in the industry is that landlords are eager to reclaim Sears stores and redevelop them into food courts, movie theaters, big-box stores and other uses that are likely to be more profitable.
By Brannon Boswell