Dodgeville based Lands End parent Sears’ stock rose 23% today based on news that Vornado Realty Trust has acquired a 4.3% in the retailer, in an apparent real estate play, according to Constance L. Hays:

In July, Vornado began buying Sears stock as well as derivatives held by a bank. Its move seemed to suggest that Sears might be worth more as a collection of real estate holdings than as a purveyor of clothing, housewares and other goods. Sears owns about 60 percent of its 870 Sears stores, a spokesman said, and leases the rest. There are also 1,100 independently owned and operated outlets for appliances and tools.