Sears Soars on Plan to Sell Stores to REIT, Lease Them Back

Sears Holdings Corp. jumped the most in more than a decade after saying it may sell 200 to 300 stores and lease them back, aiming to wring money from its real-estate holdings after nine straight quarterly losses.

The selected outlets would be sold to a newly formed real-estate investment trust, the Hoffman Estates, Illinois-based company said today in a statement. Sears would continue to operate stores in those sites, and the plan could ultimately be extended to include most of its locations. The company also would let shareholders purchase stock in the trust.