Here's Why Shares of Seritage Growth Properties Are Plummeting Today
The stock market is having a mildly negative day on Tuesday with the Dow Jones Industrial Average and S&P 500 down by 0.7% and 0.4%, respectively, as of 1:50 p.m. EDT today. But retail real estate investment trust Seritage Growth Properties (NYSE: SRG) is plunging, with its stock price down by more than 20%.
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There isn't any specific news propelling Seritage lower today. In fact, the recent news involving the company has been very strong. Last week, Seritage announced that it had collected 65% of its expected April rent and 52% of what it expected in May, not including rent deferrals it agreed to. And 224 of the company's 280 tenants have reopened for business.
Source Fool.com
