Sears Holdings Corp (NASDAQ:SHLD) is holding an online auction for some of its stores.
The online auction is taking place on Real Insight Marketplace. The company currently has 16 locations that are up for grabs. They are as follows.
Mishawaka, Ind. Merrillville, Ind. Indianapolis, Ind. Novi, Mich. Cottleville, Miss. Springfield, Miss. Cape Cirardeau, Miss. Mehlville, Miss. Strongville, Ohio North Olmsted, Ohio Mansfiled, Ohio San Antonio, Texas Baytown, Texas Beaumont, Texas Humble, Texas Pasadena, Texas
The majority of the Sears stores locations that are up for auction are inside of malls. However, there are a few standalone locations that are for sale on the auction site.
It appears that the Sears stores that are up fro grabs are sell and lease back deals. This will have the company selling the locations and then leasing them to continue operating its business in the locations.
There’s also the possibility that Sears will reduce the size of its stores when leasing them back from the new owners. This has been done in the past and gives the owners a chance to rent that space out to another retailer, reports Fortune.
Sears has been working to reorganize its business these last few months as it struggles to remain relevant in a time when customers are more likely to turn online for their shopping needs. This has had the retailer shutting down several of its own locations, as well as many Kmart stores.
SHLD stock was up 10% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.