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Lampert Retires as Seritage Chair as REIT Explores Options

Hedge fund billionaire Edward Lampert stepped down as chair of Seritage Growth Properties as the real estate investment trust that emerged from the Sears bankruptcy reviews strategic alternatives.

New York-based Seritage, the owner of 170 residential, retail and mixed-use properties in the U.S., has hired Barclays Plc as its financial adviser, according to a statement Tuesday. The REIT is in the early stages of its strategic review and said it wouldn’t comment further on the process.