A new Bank of Montreal report says the closing of Sears’ final stores will not have a major or lasting effect on Canadian REITs. The research report, released after the announcement Sears was shuttering its final 130 stores in Canada, found REITs would only be minimally affected by the closure.
The collapse of Sears Canada, leaving vacant stores across the country with enough square footage to cover two-thirds of Manhattan Island, could actually boost profits for many mall owners who will be able to replace the retailer with tenants who can afford higher rents.
Sears Canada said earlier this week that only customers who bought a protection agreement within the past 30 days could get refunds from paying for extended coverage.
Judge has approved revision to scheme, which lets key head office employees can earn their bonuses if they stay with the company until next March or April
It’s easy to blame Amazon.com, Inc. (NASDAQ:AMZN) for the demise of department stores, but in the case of Sears Canada, its problems started in 2005.