Former Sears Holdings’ exec Steven Dennis caused a stir earlier this month when he suggested in his blog that every day Sears chooses not to liquidate the company loses a bit of value on its real estate, arguably one of its most prized assets. Yet retail real estate insiders claim this may be a chicken-and-egg issue, given that Sears’ stores at bottom-tier malls may not be worth much to begin with. In the meantime, Sears’ holdings at the nation’s top retail centers ...

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