Sears officials have announced plans to sell about 235 properties and form new leasing contracts in an effort to raise more than $2.5 billion.
The company is awaiting approval by the Securities and Exchange Commission for a possible Friday launch of real estate investment plans, according to the Wall Street Journal. Sears has also formed joint ventures with Macerich Co. and Simon Property Group Inc.
The company recently made headlines for a shareholder class action lawsuit filed against it, claiming the company's plans will leave the company stuck in debt and money loss.
"The proposed transaction is a financially and structurally unfair deal," the lawsuit claims, according to the Chicago Tribune.
"Sears and its stockholders would receive a severely inadequate cash payment that the defendant Lampert-controlled company may use to cover operating losses and debt obligations for another year or so, before stockholders are left holding the bag in an insolvency widely viewed as inevitable if the proposed transaction occurs."
The lawsuit was filed last Friday in the Delaware Chancery Court and names Sears Holdings, Sears board members, Seritage Growth Properties and Chief Executive Officer Eddie Lampert as the defendants.
Sears was founded in 1886 in Chicago.
