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Sears real estate head to leave

Sears Holdings Corp. is about to lose a valuable executive.

Jeff Stollenwerck plans to step down from his role as president of Sears real estate business and senior VP, Reuters reported. The 15-year Sears veteran has played a key role in the chain’s real estate deals in recent years, including when Sears’ spun off of some 250 properties to form real estate investment trust Seritage Growth Properties.

News of Stollenwerck’s upcoming departure comes days after ESL Investments, the hedge fund run by Sears CEO Eddie Lampert, said it would “be open to making an offer” for Sears’ real estate (including the assumption of $1.2 billion in debt obligations), with an expectation that Sears would continue operating its stores, leasing back from ESL the struggling retailer’s real estate, along with its Kenmore appliances brand and parts of its home services business.

“We appreciate [Jeff’s] service leading the real estate business unit and wish him well in his future endeavors,” Sears said in a statement. “Our strong bench of talent for our Real Estate business unit and among the leadership team will ensure a smooth transition.”

Stollenwerck worked in Kmart’s real estate division before the chain merged with Sears.
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