Summary: Based on Target Canada's lease and property sale, Sears Canada may have around $253 million USD in net real estate value remaining. Sears Canada has sold off its best properties over the last few years, and Target Canada's failure has brought lease values down to earth. Any real estate value calculation using pre-2015 numbers is very outdated. Sears Canada may retain some positive net asset value currently, but will likely eat that up if it stays in operation. Even a 10% improvement in EBITDA as a percentage of revenues will leave Sears Canada with no net asset value by the end of 2018.
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