Ill.
Joe Keenan is the executive editor of Total Retail. Joe has more than 10 years experience covering the retail industry, and enjoys profiling innovative companies and people in the space.
Sears Holdings Corp. formed a joint venture with shopping mall owner Macerich Co., the latest step in the department-store chain's efforts to wring more money from its real estate. The 50-50 venture is taking over nine Sears properties, all of which are within Macerich malls, according to a statement Thursday. As part of the transaction, Macerich contributed $150 million to Sears. The Hoffman Estates, Ill.-based chain will continue to operate the stores involved in the deal. The move is part of a broader effort to raise more than $2.5 billion from Sears’ extensive real estate holdings.Â
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