Eddie Lampert is moving ahead with a plan to milk more money from Sears valuable real-estate holdings.
The chairman and chief executive of Sears Holdings Corp., which houses Sears and Kmart stores, said the retailer will sell 254 properties to a real-estate investment trust to raise $2.5 billion in much needed cash.
The REIT, called Seritage Growth Properties, will buy the properties from Sears and then lease them back to the company. Seritage will fund the purchase with debt and proceeds from a rights offering.
Sears, based in Hoffman Estates, Ill., is also partnering with mall giant General Growth Properties to form a $330 million venture and will kick in 12 properties at the landlord's malls as part of the deal.
"Sears Holdings is an asset-rich enterprise with multiple levers to generate financial flexibility, while creating shareholder value," Lampert said in a statement.
Sears jumped more than 8 percent to $44.83 in early trading. The stock had risen 25 percent this year.
Billionaire Lampert, who along with his hedge fund owns almost half of Sears, is trying to shore up the retailer's balance sheet and reassure jittery suppliers as the company racks up losses.
The company has been closing stores, slashing inventory and selling off assets to generate cash after a decade of falling sales and dwindling margins.
For the crucial holiday quarter, the company posted a loss of $159 million while revenue plunged 24 percent to $8.1 billion.
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