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.”
Hudson’s Bay Co., Canada’s oldest company, said it’s still committed to creating a real estate investment trust after agreeing to sell its main store and adjoining office tower in downtown Toronto for C$650 million ($585 million).
Soheil Khojasteh walks through the Sears Canada Inc. department store in Toronto’s Eaton Centre without a second glance at men’s shoes on sale for 40 percent off, gold earnings marked down 65 percent and signs declaring “Everything Must Go!”
Even after spinning off Lands’ End, Sears Holdings Corp.’s Eddie Lampert remains vulnerable on dual fronts: a struggling retail business in need of a new strategy and a hedge fund whose investors have begun pulling their money.
Canadian stocks fell, after reaching a two-year high last week, as a slump in technology and industrial shares offset a rise in gold producers while investors watched for signs the U.S. Federal Reserve will continue monetary stimulus.
Sears Canada Inc., the country’s second-largest department store chain, had its biggest gain in more than a year after it raised C$191 million ($188 million) from the sale of two Toronto-area stores to mall landlords.
Sears Canada Inc., the largest department-store chain in the country, said it will pay a special cash dividend of C$1 ($1) a share following a partial spinoff of the company from its parent last month.