Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
46 More Sears Stores Head for the Chopping Block
Sears Holdings says it will shutter an additional 46 stores, marking the beleaguered retailer’s third round of store closings since January. Nine of the 46 are in the Midwest, including two in Sears’ home state of Illinois.
“We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as needed,” the company said in a statement. Liquidation sales at the 13 Kmarts and 33 Sears locations could begin as soon as next week.
The announcement follows an offer from ESL Holdings, the hedge fund controlled by Sears CEO Eddie Lampert, to buy the venerable Kenmore appliance brand for $400 million. Shares of Sears Holdings are down 85% from their peak, and hit an all-time intraday low of $1.15 per share earlier this week.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Lease
Get Chicago News in 150 Words
