"We currently have five properties, including Bricktown Square in Chicago, under contract with proceeds totaling more than $55 million," says president and chief executive officer Jeffrey Lewis. "We anticipate closing on several of these contracts within the next 30 to 60 days."
Although the REIT plans to use those proceeds to pay down the company's outstanding debt, it is in line with a liquidation plan approved by the board of directors in March. "We will continue to closely examine any alternative strategies, including offers for the sale of the entire company or a substantial part of the outstanding stock of the company," Lewis says. "However, the board believes that liquidation remains the proper plan of action to realize shareholder value at this time."
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