Sears' REIT files for rights offering, list on NYSE

Sears Holdings latest REIT, Seritage Growth Properties, has filed for a $1.57 billion subscription rights offering that will allow shareholders to buy up to 53.3 million shares of the REIT. In an effort to help out finances, the REIT will sell shares for $29.58 per share, and Seritage will buy and lease back 254 Sears and Kmart stores. Seritage also plans to apply to list its shares for trading on the New York Stock Exchange. The company is hoping for a turnaround, as it posted its 12th straight quarterly loss, with revenue down 25 percent, earlier this week. Story