HOFFMAN ESTATES, Ill.,
April 21, 2015 /PRNewswire/
-- Sears Holdings Corporation (NASDAQ:SHLD) late last year
entered into lease agreements with Primark, a leading fashion
retailer in Europe, for seven
standalone stores in the Northeastern
United States. The company previously named five
locations and today announced that the two remaining stores will be
located at Burlington Mall in Burlington,
Massachusetts; and South Shore Plaza in Braintree, Massachusetts. Sears will continue
to have a significant retail presence in both of these malls, which
are owned and operated by Simon Property Group, Inc.
"Sears Holdings continues to strategically transform its real
estate portfolio by working with leading retailers such as Primark
and mall owners," said Jeff
Stollenwerck, president of Real Estate for Sears Holdings.
"Primark will bring increased customer traffic to each of these
malls and dramatically enhance the retail shopping experience as we
rationalize our selling space to improve the productivity of our
stores."
Following are details about the two store locations:
- Burlington Mall: The Sears store and the detached Sears
Auto Center will continue to operate in approximately 196,000 gross
square feet on the lower level of this mall. Primark will lease
approximately 73,000 gross square feet (approximately 54,000 net
square feet retail space), predominantly on the second level of the
mall.
- South Shore Plaza: The Sears store and Sears Auto Center
will continue to operate in approximately 138,000 gross square feet
on the lower and second level. Primark will lease approximately
71,000 gross square feet (approximately 52,300 net square feet
retail space), predominantly on the second level of the
mall.
"We are pleased to have Primark come to Burlington Mall and
South Shore Plaza," said Richard S.
Sokolov, President and Chief Operating Officer of Simon
Property Group. "Primark should provide an excellent shopping
environment which will give our shoppers another great reason to
patronize Burlington Mall and South Shore Plaza."
In addition to Burlington Mall and South Shore Plaza, the other
Sears locations with Primark as its tenant are Danbury Fair (Danbury,
Connecticut), Freehold Raceway Mall (Freehold, New Jersey), King of Prussia Mall
(King of Prussia, Pennsylvania),
Staten Island Mall (Staten Island, New
York) and Willow Grove Mall (Willow Grove, Pennsylvania). All of the space
is expected to be delivered to Primark over the next four to eight
months.
Joint Venture, Proposed Relationship with Seritage Growth
Properties
The Sears store at Burlington Mall is one of the
10 properties that Sears Holdings contributed to the joint venture
(the "JV") with Simon that was announced on April 13, 2015. Sears Holdings will lease the
store back from the JV.
On April 1, 2015, Seritage Growth Properties ("Seritage"),
a real estate investment trust formed by Sears Holdings, filed a
registration statement on Form S-11 with the Securities and
Exchange Commission, providing for a planned distribution of
subscription rights to purchase Seritage shares to Sears Holdings
stockholders. Shortly following the consummation of the rights
offering, Sears Holdings expects Seritage to purchase its 50
percent interest in the JV, which will include the Sears store at
Burlington Mall. The Sears store at South Shore Plaza is not
included in the JV.
About Sears Holdings Corporation
Sears Holdings
Corporation (NASDAQ: SHLD) is a leading integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve our members – wherever, whenever and however
they want to shop. Sears Holdings is home to Shop Your
Way®, a social shopping platform offering members
rewards for shopping at Sears and Kmart as well as with other
retail partners across categories important to them. The company
operates through its subsidiaries, including Sears, Roebuck
and Co. and Kmart Corporation, with full-line and specialty retail
stores across the United States.
For more information, visit www.searsholdings.com.
About Simon Property Group
Simon is a global leader in
retail real estate ownership, management and development and a
S&P100 company (Simon Property Group, NYSE:SPG). Simon's
industry-leading retail properties and investments
across North
America, Europe and Asia provide shopping
experiences for millions of consumers every day and generate
billions in annual retail sales. For more information, visit
simon.com.
NEWS MEDIA CONTACT:
Sears Holdings Public
Relations
(847) 286-8371
Simon Property Group
Les Morris
(317) 263-7771
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SOURCE Sears Holdings Corporation