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May 6, 2024 · Neither Minnesota-based Mall of America nor Transform Holdco LLC, the successor to Sears Holdings Corp., are entitled to the 100-year lease, Judge Colleen McMahon of the US District Court for the Southern District of New York ruled Friday. The lease was originally awarded in 2019 to Transform, an Eddie Lampert-owned shell company.
- Randi Love
- Reporter
- rlove@bloombergindustry.com
Apr 19, 2023 · The Sears location has been closed since 2019, and Mall of America said in court filings it wanted to start over with a new lease rather than allowing the new leaseholder to sublease the space at ...
- Dietrich Knauth
Apr 20, 2023 · Court rules in favor of Mall of America in dispute over Sears lease. By Ronald Mann. on Apr 20, 2023 at 1:26 pm. At first glance, Wednesday’s decision in MOAC Mall Holdings LLC v. Transform Holdco LLC resolves a technical question of bankruptcy law, holding that courts should not treat as “jurisdictional” a provision limiting the relief ...
Jun 27, 2022 · The lease at issue, signed in 1991, offered Sears rent of just $10 a year for 100 years at the Mall of America in Minneapolis, Minnesota. After Sears went bankrupt in 2018, it sold its assets for ...
- Dietrich Knauth
Apr 19, 2023 · By 2017, Sears' sales had tumbled to $17 billion from more than $36 billion in 2013, and in 2018 Sears filed for bankruptcy. Its store at Mall of America closed a year later and has remained empty ...
- Henry Blodget
Apr 19, 2023 · The lease provided Sears with a three-story, 120,000-square foot (11,000 square meters) location at the mall for a rent of just $10 a year. The Sears location has been closed since 2019, and Mall ...
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Jun 29, 2022 · Sears' lease was set at $10 per year for 100 years when the Mall of America first opened in Bloomington, Minnesota back in 1991. Sears closed at MOA in 2019 after declaring bankruptcy the year prior.
