Seritage Growth Properties was formed in 2015 as a publicly traded Real Estate Investment Trust (REIT) spun off from Sears Holdings Corporation, initially acquiring a massive national portfolio of over two hundred retail properties, department stores, and mall locations. The business model centered on redeveloping former Sears and Kmart stores into modern, multi-tenant mixed-use retail and residential spaces. However, structural retail headwinds, pandemic disruptions, and financial pressures forced the company to abandon active redevelopment in favor of an orderly liquidation and Plan of Sale.