Hoffman Estates, Ill. - Sears Holdings has completed the
previously announced sale of 11 full-line Sears stores to General Growth
Properties for $270 million.
Sears owned six and leased five of the locations, which will
continue to operate into 2013 or 2014. Final closing dates will be determined
and announced later this year.
Each store was part an existing property of General Growth, a
Chicago-based real estate investment trust.
The move is part of Sears'
plan to raise cash and close upward of 120 Sears and Kmart stores, 43 of
its independently owned Hometown stores, 10 neighborhood hardware stores, and
spin off its remaining specialty store locations.