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More than 30 Sears and Kmart locations will go out of business in early 2017, bringing the tally to more than 200 closed stores in one fiscal year.
The retailer will be left with fewer than 1,500 stores, a huge 60% decrease since 2011, Business Insider reported. The move was anticipated after Sears' revenue tumbled 13% in Q3 alone, to $5B.
The closings will impact a number of CMBS loans. According to Trepp, one of the most concerning is the Sears at the Boulevard Mall in Amherst, NY. The store's a non-collateral anchor to a $92M loan—that's 7.71% of the remaining collateral behind the entire loan. It matures in February and was sent to special servicing for imminent default in November, and the loss of Sears further weakens it. [BI]
