RE:RE:$6.25 per share in cash and Real EstateThat's not how you value real esate from an accounting perspective for public companies like this. The properties don't get marked to market, they get carried at cost. The properties were valued during the CCAA process but that's similar to a bank appraisal which factors in a lot of conservativism. "Property and equipment" is currently on the balance sheet for $61m. This includes value of store improvements plus equipment in the distribution center.
It is accounting reasons like this that more and more companies are spinning out their real estate because the market doesn't correctly value it within the business.