Sears Pushes Further Into Real Estate

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By Douglas A. McIntyre Published
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Sears Holdings (NASDAQ: SHLD) has done a remarkably poor job as a retailer since Sears and KMart merged. The company has suffered such poor results that it has begun to close stores. It has not been entirely explicit about what it will do with the real estate that it owns. Some is valuable. Some locations no longer have a Sears of KMart store.

Sears Holdings said it would hire a real estate specialist in an attempt to mine the value of the assets.

The company announced:

David Lukes has joined the company in its real estate business unit as president, real estate development. Mr. Lukes comes to Sears Holdings from Mall Properties, Inc. where he served as president and CEO of the privately owned $3 billion real estate firm.

In this new role, Mr. Lukes will lead the company’s effort to further develop certain of its real estate assets, including those real estate assets that are no longer in use as retail stores. Jeff Stollenwerck, president of the company’s real estate business unit, will continue in that role and oversee the traditional corporate real estate functions for Sears Holdings.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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