Sears holding online auction for 16 stores

(Dreamstime/TNS)
Caption
(Dreamstime/TNS)

Sears Holdings is auctioning online 16 of its Sears stores, including three Ohio locations.

The Ohio locations for sale are at the Richland Mall in Mansfield, at Great Northern Mall in North Olmstead and at Southpark Center in Strongsville.

The other stores for sale are in Indiana, Texas, Missouri and Michigan. The 16 properties are mostly attached to malls and located in suburban markets, according to the auction site.

The Wall Street Journal reported roughly 200 investor groups have expressed interest in bidding on the properties. All bids are due by May 1, Real Insight Marketplace’s website says.

Two of the three Ohio malls that are home to Sears stores being sold are owned by Starwood Retail Partners, which named Columbus retail real-estate executive Michael P. Glimcher as CEO in September, the Columbus Dispatch reported.

Washington Prime, which owns the Mall at Fairfield Commons and the Dayton Mall, signed an agreement in March to acquire four Sears department stores and four adjacent Sears Auto Centers for $28.5 million. The acquisition is expected to be completed in the second quarter of 2018.

The Sears properties are located at the following centers: Longview Mall, located in Longview, Texas; Polaris Fashion Place, located in Columbus; Southern Hills Mall, located in Sioux City, Iowa; and Town Center at Aurora, located in Aurora, Colorado. No Dayton area properties have been affected.

Sears Holdings already closed more than 350 stores in 2017.

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