2 Reasons This Retail REIT Is in Big Trouble
Just six months ago, it looked like Seritage Growth Properties' (NYSE: SRG) slow-moving strategy of redeveloping former Sears and Kmart stores for higher-value uses was finally close to paying off. While Sears Holdings' late-2018 bankruptcy was a setback, new tenants opened at a rapid pace within Seritage's portfolio toward the end of 2019. The REIT's recent earnings report highlighted why it will be very difficult for Seritage Growth Properties to get back on track.
