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Sears CRE gamble
Some analysts think Sears Holdings Corp (SHLD) is valuable because of its real estate holdings. The company owns about 800 store properties, as I recall. But in the current real estate market, Sears could have trouble selling off its real estate holdings and the value of that property is declining. Maybe Eddie Lampert was counting on a healthy real estate market to generate cash flow, and maybe if CRE markets had remained at the levels they were in 2005-2006, that strategy would have paid off. But it doesn't look like the best bet now.
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