The parent company of the South Plains Mall, Macerich Company, filed an objection in the ongoing Sears bankruptcy case. The objection, filed Monday, said a blanket approach to all stores nationwide was not appropriate.
Sears Holdings Corporation filed for bankruptcy on October 15. Lubbock was among 142 locations nationwide to be closed. Remaining Sears locations would be sold, assuming that a bankruptcy judge approves.
Macerich Company, Centennial Real Estate Co., C.E. Johns Company, Inc., Brixmor Operating Partnership, L.P. and S-Tract LLC filed a joint objection.
“[The] landlords do not seek to deny [Sears’] ability to conduct reasonable sales of its inventory,” the objection said. Instead they seek, “protections and modifications” in the ongoing bankruptcy case.
“A store closing sale or liquidation detrimentally impacts the Centers, as well as the surrounding individual tenants,” the objection said. “Any store closing sale should limit signage…”
The companies, including Macerich, want restrictions on size and location of any sign related to a store closing.
“Landlords do not object to the use of the term ‘Store Closing Sale’ in advertising the sales,” the objection said. “Landlords do object to the use of such terms as ‘Going Out of Business’ and ‘Total Liquidation Sale’ as such advertisement is confusing to shopping center customers.
The companies also do not want Sears to use giant balloons, or sidewalk sales or other such big displays.
A bankruptcy judge has not yet ruled on the objection.
The South Plains Mall in Lubbock is one of 54 Macerich properties as listed on the company website.
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