Sears Holdings plans to raise funds by creating REIT

Fri Nov 7, 2014 6:35am EST
 
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Nov 7 (Reuters) - Struggling retailer Sears Holdings Corp said it was exploring the conversion of 200-300 stores to a real estate investment trust (REIT) and offer it to shareholders through a rights offering to raise cash.

The company said it was looking to monetize a portion of its real estate through a sale-leaseback transaction, it said in a regulatory filing.

Sears also estimated third-quarter comparable sales to be flat. (Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Don Sebastian)