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Sears terminates master lease at 9 Seritage Growth stores

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Sears terminates master lease at 9 Seritage Growth stores

Department store chain Sears Holdings Corp. exercised its right to terminate a master lease with retail real estate investment trust Seritage Growth Properties pertaining to nine unprofitable stores.

The move affects about 1.0 million square feet of gross leasable area, according to a filing.

The total annual base rent at the stores is about $4.3 million, or 2.0% of Seritage Growth's total annual base rent, as of March 31, including all signed leases.

Seritage Growth said it will continue to receive rent from Sears Holdings until the stores are vacated, expected in October and November.