Landlords Across America Are Cheering Sears' Bankruptcy

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The average rent for the 14 Sears and Kmart stores was $5.25 per square foot, Kimco said. That’s well below the average of $15.95 per square foot for other Kimco properties. Sears (SHLD) signed decades-long leases on many of its real estate deals, giving its stores extremely favorable rent contracts.

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