Mall of America can continue to fight Sears' new owners – who are hoping to keep the retailer's shocking $10-a-year lease
. Sears later told the bankruptcy court that it wanted to transfer its lease on the Mall of America store to Transform Holdco, so that another Transform subsidiary could sublet the $10-per-year space to new tenants – presumably at a higher price to pocket the difference.
Mall of America objected, saying that landlords have a right to"adequate assurance of future performance" by whoever took over Sears' lease. It also cited concerns about how subletting the space would affect the mall's business. The bankruptcy court overruled the mall's objection. The mall then appealed to the US District Court for the Southern District of New York, which said appeals weren't allowed because of a procedural decision from the 2nd US Circuit Court of Appeals. The mall then appealed the 2nd Circuit decision. That appeal too was dismissed, which led the mall to petition the Supreme Court.
In other words, the Mall of America isn't getting the newly negotiated lease it wants on the highly prized space, but it is allowed to continue fighting for it.Subscribe to push notifications
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