Business Services Industry
Kmart landlords' stock drops as retailer aims to reject leases.(Brief Article)
Crain's Detroit Business, January, 2002 by Smith, Jennette
Publicly traded companies that are Kmart Corp. landlords are revealing more specifics about their risk in the retailer, and some are facing declines in their stock price. After Kmart's bankruptcy filing last week, Bingham Farms-based Malan Realty Investors Inc. (NYSE: MAL) said it has not been informed by Kmart which stores it owns may be closed, but its exposure is probably six to 12 of its 27 properties.
About 25 percent of Malan's rental income is from Kmart. ``The likely scenario is that of these six to 12 properties, Kmart may reject the leases on some of these properties while closing the stores and subleasing the space on the others,'' Malan CEO Jeff Lewis said in a news release. The news release estimated that the company's annual funds from...
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