Sears Holdings Corporation– Seeks Authority for Sale of 13 Stores and Related Leases to Amerco for $62 million

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November 29, 2018 – The Debtors requested Court authority (i) for the sale of thirteen  parcels of non-residential real property (the “Real Property,” comprised of 12 K-Mart stores and 1 Sears store) and (ii) for the assumption and assignment of certain unexpired leases of the Debtors in connection with the sale (the “Assumed Leases,” and together with the Real Property, the “Acquired Assets”) to Amerco Real Estate Company (the “Purchaser”) for $62 million. 
The motion [Docket No. 938] states, “All of the Acquired Assets have been on the market for varying periods since early 2018 (and in many instances, much earlier). Further, the Debtors marketing efforts included utilizing multiple listing websites, numerous retail and broker email blasts, and direct marketing to large real estate owners and developers. Although the Debtors received offers for certain of the Acquired Assets, after careful consideration the Debtors determined that the terms of the final offer presented by the Purchaser were the most favorable terms available, and that there would not be any incremental benefit to conducting an auction for the Acquired Assets….The Acquired Assets are not necessary for the Debtors’ current operations or restructuring goals, and despite having been exposed to the market for a considerable amount of time, there is a dearth of offers that match or exceed the final terms presented by the Purchaser for the Acquired Assets.” 

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