If Sears seeks bankruptcy protection against its creditors, real estate investment trust CBL & Associates is one of the ones most at risk to suffer losses, an analyst from Wells Fargo writes. The company says it plans to replace vacant Sears locations, but due to its mall portfolio's "low productivity and demographics," this could prove challenging.

New businesses with a health and wellness benefit are moving into spaces left empty by traditional retailers and restaurants, CBL & Associates CEO Stephen Lebovitz said. Gyms, Pilates studios, juice bars and other fitness-focused ventures seek the foot traffic of a mall and they bring new experiences that draw consumers back to shopping centers.

CBL & Associates has closed on a $72.5 million sale-leaseback of five Sears department stores and two Sears Auto Centers. The stores, part of CBL malls, are in North Carolina, Wisconsin, Tennessee, Ohio, Kentucky and Florida.

Three CBL & Associates Properties' malls have been sold to Hull Property Group for $32.25 million. The REIT has sold eight malls this year, largely completing a strategic disposition plan announced in 2014.