BUZZ-Sears Holdings Corp: Explores creation of REIT

Fri Nov 7, 2014 7:36am EST
 
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** Supermarket chain owner's shares up 17.8 pct at $38.50 premarket

** Says exploring conversion of about 200-300 stores to a real estate investment trust (REIT) and offer it to shareholders through rights offering to raise cash

** Says raised about $300 million from selling part of stake in Sears Canada through a rights offering as of Nov. 6.

** Company has closed stores, slashed inventory and sold off assets to generate cash after a decade of falling sales

** Up to Thursday's close, Sears Holdings stock had fallen about 12 pct this year