SRG popped 80%. Here's what's going on:

Shares of Seritage Growth Properties (SRG) are trading 80% higher at a price of $10.96 at the time of this writing. The share price is surging on news SRG is planning to liquidate its real estate holdings and distribute returns to shareholders. The upward movement comes after several years of consistent underperformance in the markets.

Seritage Growth Properties has been trading between a 52-week high of 17.3 and a 52-week low of 4.9. The stock has a market cap of $479 Million.

Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 158 wholly-owned properties and 25 unconsolidated properties totaling approximately 26.5 million square feet of space across 41 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. The Company's mission is to create long-term value for shareholders by realizing the value of the Company's portfolio through re-leasing, redevelopment, formation of strategic partnerships or other bespoke solutions.

As you can imagine, the internet had a few things to say about the price move. Here's a few choice comments from the Reddit Traderverse™:

QuirkyAverageJoe - 2 upvotes - source
$SRG might be breaking down here ❌ $SRG July 15 $9 puts 🪦

MangoMusk - 1 upvotes - source
Does anyone think what happened with $SRG today will last into next week?

candyposeidon - -1 upvotes - source
[SRG](https://www.fool.com/investing/2022/07/08/why-seritage-growth-properties-stock-skyrocketed-t/) about to get shorted boys and girls.

QuirkyAverageJoe - -1 upvotes - source
Short $SRG ☠️ $SRG July 15 $9 puts 🐻🩸