Insurance companies that provide protection to Sears Holdings Corp. suppliers have scaled back policies in recent months, people with knowledge of the matter said, following seven years of declining sales at the department-store chain.
Seritage Realty Trust’s homepage seeks to dazzle prospective tenants with illustrations of gleaming retail properties featuring landscaped parking lots filled with cars and shoppers. Seritage promises visitors “the locations you need in virtually every major U.S. market.”
Sears Holdings Corp. has relied on controlling shareholder Edward Lampert for years to help fund its operations. Now the billionaire is cutting out a form of lending he’s provided since 2010 to the owner of its namesake retail chain and Kmart.