Seritage Properties, a real estate spinoff from Sears, is considering strategic options after Eddie Lampert steps down from the board.

• Sears spun out Seritage as a real estate investment trust in 2015, and now the company is considering different options for its business.
• Effective immediately, Eddie Lampert, the former Sears CEO who had been serving as chair of Seritage's board, is retiring.

In 2015, Sears spun out a real estate investment trust, which announced on Tuesday that it is considering different strategies for its business.

Effective immediately, Eddie Lampert, the former Sears CEO who had been serving as chair of Seritage's board, is retiring.

Lampert stated that he desired more flexibility to investigate potential alternatives for his investment in Seritage, which could involve collaborating with parties who might be interested in purchasing specific assets from the company.

According to a securities filing, as of Sept. 30, Lampert owned a 22.1% stake in the company and approximately 9.3% of Seritage's Class A shares.

The real estate company's board believes there is a disconnect between its stock price and net asset value, as stated by Seritage President and CEO Andrea Olshan.

She stated that this process is the most efficient way to fully realize the potential of this portfolio.

Seritage has been redeveloping its roughly 170 properties under the leadership of Olshan, who took over as CEO about a year ago. As of March 2021, Seritage no longer has exposure to Sears or Kmart, as it has been backfilling those spaces with new tenants.

Seritage said Barclays is serving as its financial advisor in the review process.

The company announced on Tuesday that board members David Fawer and Thomas Steinberg will not seek reelection at the annual shareholders meeting. The company is currently looking for new board candidates.

Seritage closed the day up 7.8%, but its market cap is still at $479 million despite being down 17% year to date.

Find the full press release here.

The department store chain, Sears, is still in operation. An earlier version incorrectly stated its status.