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 Holdings Corporation (Holdings) is a retailer with 2,172 full-line and 1,338 specialty retail stores in the United States operating through Kmart Holding Corporation (Kmart) and Sears, Roebuck and Co. Shares of SHLD fell by 1.77% or $-0.59/share to $32.67. In the past year, the shares have traded as low as $22.45 and as high as $62.87. On average, 1639030 shares of SHLD exchange hands on a given day and today's volume is recorded at 1769586.
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