Mall of America can continue to fight Sears' new owners – who are hoping to keep the retailer's shocking $10-a-year lease

Wed, 04/19/2023 - 18:31

Shoppers walk up to exterior of Mall of America shopping mall — Mall of America gave Sears a hundred-year lease on a 120,000-square foot space spanning three floors for $10 per year.
Michael Siluk/UCG/Universal Images Group via Getty Images

The Supreme Court unanimously decided that the Mall of America can challenge a lease it has with Sears.
In 1991, the mall gave Sears a 100-year lease on a three-story location for just $10 per year.
After Sears went bankrupt in 2018, the retailer's owner sought to sublet the store to another tenant.

The US Supreme Court has given the Mall of America a chance to get out of a deal that it made more than 30 years ago to lease space to Sears for just $10 a year.