Sears Holding Corp. announced last week that it has hired David Lukes as the new president of real estate development. Lukes, 42, was previously the president and CEO of Mall Properties Inc. as well as chief operating officer for Kimco Realty Corp.

Sears, which operates Sears and Kmart stores, has been struggling compared to its competitors and announced its plan to close 100 to 120 stores this year. It has been able to stay afloat due to is massive real estate holdings and is expected to make a profit by selling some if its properties that are no longer used as stores.

With Lukes as president, Sears plans on redeveloping some if its existing real estate as well as selling property through its leasing and licensed business program.

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