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The Store Your Dad Trusted With Everything

$2.7 billion left Sears in a single transaction — to a company controlled by the man running Sears. In 2015, Sears sold 266 of its own stores to a real estate trust called Seritage Growth Properties — then paid rent to keep operating inside them. The CEO of Sears was also the chairman of Seritage. The entity selling and the entity buying were controlled by the same man. This is the story of how a 130-year-old company that once served 2 out of 3 American families was drained from the inside through sale-leasebacks, brand liquidations, and a recapture clause on page 31 of the master lease agreement. What happened to Sears is not a story about Amazon. It is a story about contracts. CHAPTERS: 0:00 The Store Your Dad Trusted 0:39 $2.7 Billion in One Transaction 2:43 What Sears Was Worth 5:45 The Catalog They Killed 6:38 The Company That Died First 7:23 The Man Who Bought Sears 9:10 He Stopped Spending 11:02 The Restructuring 12:26 Seritage: The Landlord Switch 13:55 The Clause Nobody Negotiated 15:27 Where Every Dollar Went 16:44 The Wrench Your Father Never Replaced 18:07 The Clause That Killed the Malls 20:18 October 15, 2018 21:47 The Final Move 22:43 Rescue or Raid? Sources: SEC filings, Sears Holdings bankruptcy court documents, Seritage Growth Properties 10-K annual reports, shareholder litigation records, financial reporting from Bloomberg, Reuters, and the Wall Street Journal. The Silent Citadel finds the clause, the contract, and the financial structure that killed the thing you grew up with — and shows you exactly how it worked. #sears #businessdocumentary #retailcollapse