Seritage Growth Properties is a real estate company in the process of an orderly wind-down and liquidation. Seritage's original business was owning, developing, and leasing retail and mixed-use properties across the U.S. The portfolio was assembled in 2015 when Seritage acquired roughly 230 properties from Sears Holdings in a $2.7B sale-leaseback transaction, with Sears as the anchor tenant. That model collapsed when Sears filed for bankruptcy in 2018 and fully vacated all Seritage properties by March 2021. In 2022, shareholders approved a Plan of Sale — an orderly liquidation of all remaining assets, with proceeds to be distributed to shareholders before the company dissolves. As of end of 2025, Seritage's portfolio had shrunk to just 10 properties across six states, and the company has five full-time employees. Seritage currently generates modest rental income from remaining properties while working to sell them, with two tenants accounting for roughly 44% and 32% of annualized base rent. The primary value driver is asset monetization: Seritage works to maximize sale prices by leasing vacant space, pursuing zoning approvals to increase land value, and removing contractual constraints on properties. Seritage revoked its REIT election in 2022, giving it more flexibility over cash management during the wind-down, though the company is now subject to corporate income taxes.