Vornado Buys Sears Stake

Ian Ritter is national online editor of GlobeSt.RETAIL.

PARAMUS, NJ-Vornado Realty Trust acquired 4.3% of Sears, Roebuck & Co.’s outstanding common shares, the REIT says today in an SEC filing. The 9.1 million shares, purchased from July through September, are worth about $337 million, the report says.

In July and August Vornado bought about 1.2 million shares of Sears for $34.44 each. In August and September the REIT purchased 7.9 million for $39.82 per share. A Vornado spokesperson could not be reached for comment on the deal. In their report, the company says the shares are “recorded as marketable securities on the company’s consolidated balance sheet and are classified as available for sale.”