- U-Haul is looking to buy 13 former Sears and Kmart stores for $US62 million, court documents show.
- The company plans to repurpose these former department-store locations into U-Haul storage centres and places to house its fleet of rental trucks.
- U-Haul has a policy in place whereby it buys and renovates buildings for its use. Earlier this year, it bought a former Macy’s store.
U-Haul could make a small dent in Sears’ debt load.
The truck rental and storage company is looking to buy 13 former Sears and Kmart stores for $US62 million, according to court documents that were first reported by SpareFoot. A U-Haul representative said the company was awaiting approval from the bankruptcy court.
The buildings U-Haul is interested in, which are scattered across the United States and could otherwise have been left to crumble, are now in line to be transformed into U-Haul storage centres and places to house its fleet of rental trucks.
It turns out this isn’t a lone act of kindness – U-Haul has an “adaptive reuse” policy in place whereby it buys and renovates buildings for its use.
“The primary goal for U-Haul is to reuse and recycle as much material as feasible while installing as many new sustainable design features as possible,” the company says on its website.
In fact, U-Haul has bought up former Kmart and Sears stores in the past.
Earlier this year, U-Haul also bought up a former Macy’s store for $US1.5 million; this sprawling space took up 200,000 square feet in a mall in Pennsylvania.
U-Haul could become the remedy to malls’ woes as more stores shutter.
It is estimated that more than 3,800 stores will close in the US this year. Many are department stores in malls, which leave large voids to fill.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.