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...When one anchor tenant, the Sears department store, went bankrupt Marx signed a deal in September to replace it with a 130,000 sq ft Target — at an almost 30 per cent increase in rent....
...An affiliate of Mr Lampert’s hedge fund ESL late on Wednesday sweetened its rescue bid, increasing its value from $4.4bn to about $5bn, to buy hundreds of Sears stores out of Chapter 11, according to people...
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...Other defendants named in the suit include Bruce Berkowitz’s fund Fairholme Capital, which was another shareholder, as well as former Sears directors including Mr Mnuchin and Mr Berkowitz....
...Sears, once the world’s largest retailer, filed for bankruptcy last year....
...“In the better properties, there is very strong demand for space,” Mr Buono said....
...Mr Simon said the turnround of Aéropostale had been successful....
...Ultimately the longer business remains at a standstill, said Mr Kniffen, the more retailers will fold....
...Barneys New York filed for Chapter 11 bankruptcy protection this year, following Sears last year. Macy’s produced net income of $2m in the quarter, compared with $62m in the same period a year ago....
...Both mass-market Sears and luxury Barneys New York have been through bankruptcy proceedings in the past year....
...The mid-market department store is also endangered, with chains such as Sears in the US and House of Fraser in the UK collapsing, and revenues at others falling....
...Sears, in recent years, has sold dozens of stores and then leased them back. Mr Lampert has himself also extended $2.4bn of credit to Sears....
...Sears had to decide by 4pm Eastern time whether Mr Lampert’s bidding vehicle was in the running as a “qualified bidder”....
...But he added: “Mr Lampert’s dedication to Sears really is without question.”...
...Although her priorities are far from Beaconsfield’s traditional concerns, she is careful to note she opposes the planned High Speed 2 railway, which will sear through the nearby countryside....
...While the plan gives Sears a chance to operate as a going concern with a smaller debt burden, Mr Lampert faces a continued struggle to turn the company around....
...“On the ground, actual taking rents are down substantially over the last 36 months,” said Mr Soutendijk of Cushman & Wakefield....
...Sears had begun preparing to wind down after independent directors expressed major reservations about the plans from Mr Lampert, Sears’ chairman and one of its biggest creditors, to snap up hundreds of stores...
...“The timing of this is a massive punch in the gut for US upstream oil and gas companies,” Mr Meghji warned. But the risks extend far beyond oil and gas....
...Creditors have criticised previous transactions between Sears and Mr Lampert’s ESL hedge fund, claiming the fund may have extracted value from Sears on preferential terms....
...Mr Lampert was similarly vexed by fees in 2004 when he acquired Kmart, which he merged with Sears....
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