Map of a giant collapsing: some happy, others not
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Following the filing of bankruptcy by Sears Holdings, 142 Sears & Kmart stores across the US will be liquidated. Here is a map showing their locations.
While bankruptcy of Sears means havoc for its shareholders, many landlords are happy to see them go. According to NBC News, one location in Staten Island, New York can look forward to a 727 percent increase.
Locations of Sears store closures throughout the USA
Leases of many Sears stores were signed for decades-long, with rental values that are no longer in accordance with the current market values. Rental prices in the former Sears locations are most likely to double, if not triple.
Sears' average rent was 5.25 USD per square foot, while the average tenant pays 15.95 USD with Kimco Realty Corp, one of the landlords with rental contracts with Sears. Real estate companies look forward to refreshing their portfolio with new tenants, boosting their income significantly.