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HOFFMAN ESTATES, IL-Sears Holdings Corp. has hired David Lukes, former president and CEO of New York City-based Mall Properties Inc., as president of its real estate development division. The company, which has announced closings of more than 120 locations in the past few months, said it brought on Lukes to help reposition its more than 4,000 stores.

Sears has been going through damage control through the entire winter, as the locally based retailer reported a $2.4 billion loss for the fourth quarter. The firm said in December that it will shut more than 120 of its Sears and Kmart stores, and in February announced the sale of 11 locations to General Growth Properties for $270 million.

While the firm leases some of its stores, the company also owns properties. Jeff Stollenwerck, president of the Sears real estate business unit, will continue in his role and oversee traditional corporate real estate functions, while Lukes will lead the company’s effort to further develop its real estate assets, including those properties that are no longer stores.

"Historically, Sears has selectively realized value from its real estate holdings through store acquisitions, strategic store sales, and our leasing and licensed business programs,” said Lou D’Ambrosio, CEO and president. “David's hiring allows us to expand our capabilities to include the enhancement and re-development of appropriate properties."

At MPI, the company issued a statement about a reshuffling of executives. Andrea Olshan, COO, has been promoted to CEO, VP of asset management Michael Makinen will become COO and Ryan Guheen will take on the VP position. “These new appointments represent an exciting next phase for MPI and serve as further evidence of MPI’s continued commitment to excellence and growth,” said founder and chairman Morton Olshan in the statement.

Instant Insights /

Sears Hires MPI CEO to Lead Development

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