Politics & Government
Mall Of America Case Heads To U.S. Supreme Court
Until it closed, Sears paid $10 a year to lease space in the Mall of America. That lease is the heart of a dispute now at the Supreme Court.
BLOOMINGTON, MN — The U.S. Supreme Court announced this week that it has agreed to hear a case involving the Mall of America and the status of a "highly favorable" lease it gave Sears Roebuck.
In 1991, Sears signed a lease at the MOA which allowed the retail giant to pay just $10 a year in rent. The lease wasn't set to expire for 100 years, in the year 2091, the Supreme Court notes.
However, Sears went bankrupt in 2018, and the company was acquired by Transform Holdco LLC.
Find out what's happening in Richfieldfor free with the latest updates from Patch.
The Sears store at the MOA closed in March 2019.
The new owners, Transform Holdco, wanted the same $10 per year lease at the MOA that Sears had. But the MOA intervened and tried to stop the transfer of the lease to the new company.
Find out what's happening in Richfieldfor free with the latest updates from Patch.
The Supreme Court will have to decide which parties' claim is most consistent with the current bankruptcy code.
Read more on the case here.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
