Mall Massacre

You might find there are a few less places to go out for a quick bite or to pick up some inexpensive T-shirts. Restaurant chain Bennigan's and its partner restaurant Steak & Ale have filed for Chapter 7 while Mervyn’s filed Chapter 11.

(In a Chapter 7 filing, a company seeks to liquidate its assets and shut down, while Chapter 11 bankruptcy is a process that will allow a company to restructure.)

And it seems Bennigan’s and Mervyn’s are far from alone. Other retailers that have found themselves in dire straights include Shoe Pavilion, Steve & Barry's, Sharper Image and Linen N’ Things.

But their pain could be your gain.

Chains that go out of business leave empty shells in their wake that once were restaurants or stores. And that's no good for the mall REITs.

I’d short Simon Property Group , says Karen Finerman. Their occupancy rates and their valuations aren’t attractive to me.

Also you can short Kimco Realty for many of the same reasons.

Other ways to play it are short the iShares Dow Jones US Real Estate or get long the UltraShort Real Estate ProShares .

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Trader disclosure: On July 30, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (AAPL), (TSO); Najarian Owns (CSCO) Calls, (EMC) Calls, (XLY) Calls, (SU) Calls; Macke Owns (WMT), (MSFT), (COST), (ATVID), (DIS), (EMC); Adami Owns (C), (GS), (INTC), (NUE), (AGU), (MSFT), (BTU); Finerman Owns (GS); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Owns (FLS), (MO), (NOK), (PM), (RAI), (SUN), (TSO), (VLO), (RIG), (MCC); Finerman's Firm Is Short (SPG), (KIM), (XLF), (BBT), (IYR), (IWM), (MDY), (SPY), (IJR)