News
Sears Names Former Rouse Exec as REIT Chief
Benjamin Schall will be the chief executive officer of Sears Holdings' new real estate investment trust, the company announced today. Schall, who previously served as the chief operating officer of mall owner Rouse Properties and was a senior vice president at Vornado, will assume his new role on May 4.
“Ben’s deep experience and industry relationships will allow us to accelerate our efforts to reduce the operating footprint of our stores while capitalizing on the value of the underlying real estate,” Sears chief Edward Lampert said in a statement. Sears announced earlier this month that it hoped to raise $2.5B from its new REIT, Seritage Growth Properties, which will buy and lease back 254 Sears or Kmart stores.
