16 Sear Stores are Auctioned on Online Bidding Platform

There are 16 stores of Sears Holdings Corporation (NASDAQ: SHLD) being auctioned on Real Insight Marketplace, an online bidding platform.

The 16 properties are mostly attached to malls and located in suburban markets. Five are in Texas, four are in Missouri, three are in Indiana, three are on Ohio and one is in Michigan.

According to Cushman & Wakefield, roughly 200 investor groups have expressed interest in bidding on the properties. All bids are due by May 1, Real Insight Marketplace’s website says.

At the beginning od this year, Sears announced plans to close more 100 stores by April. Recently, the company said it has raised enough money to pay $407 million towards its pension plan in order to unlock and allow for the sale of 140 other properties.

In the latest quarter, Sears’ revenue fell nearly 28 percent. Same-store sales went down more than 15 percent. The company is trying to gain customers back with the large selection of mattresses and appliances and a growing loyalty platform that includes partners Uber, GasBuddy and fuboTV.

Simon Property Group on Monday announced the plans to redevelop 5 former Sears stores by bringing in dining halls, residential spaces, fitness centers and new retailers to those properties.

"The preferred choice here is if someone will come in to make a sales lease-back deal," James Shevlin, managing director at CWCapital, a commercial real estate services firm that owns Real Insight Marketplace, told CNBC. "We are seeing tremendous interest in these deals. And this is a tough market right now."

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