Local

Sears is closing its last department store in Illinois, the retailer’s home state

Sears closes the door to the last department store in Illinois. The state where the first retail store opened in 1925. Woodfield Mall’s Sears department store in Schoumberg, a suburb of Chicago, will close on November 14. Transformco, which acquired Sears Holdings after filing for bankruptcy in 2018, said Scott Carr, Transformco’s president of real estate. The company is focused on growing the sears.com and Sears Home Services business. “This is part of the company’s strategy to unleash the value of real estate and pursue the best and best uses for the benefit of the local community,” Larry Costello, a spokeswoman for Transformco, said in a statement. Sears will still exist in Illinois. There are 11 Sears Hometown stores in the state, run in small towns primarily by independent dealers or Transformco affiliate franchisees. Stores typically range from 6,000 to 8,000 square feet, much smaller than Sears department stores, each over 100,000 square feet. We mainly sell durable consumer goods and home appliances. Transformco’s strategy is to run more stores like Hometown Sears. Currently, there are 300 Sears and Kmart stores open in the United States, down from nearly 700 in October 2018, when Sears declared bankruptcy. At its peak, the company operated more than 3,000 stores. Formerly one of the country’s leading retailers and largest employer, Sears opened its first retail store in Chicago in 1925 and closed its last store in 2018. COVID-19 further destroyed the entire department. Luxury retailers like Neiman Marcus and budget department stores like JC Penny have been forced into bankruptcy. Sears Holdings broke out of bankruptcy in February 2019. The second Chapter 11 application to the company could be the termination of Sears and Kumat. Retail bankruptcy. Former CEO of Sears Holdings, Eddie Lampert, claimed he was more interested in the company’s real estate than in retail. Lampert, a hedge fund operator with expertise in real estate, has redeveloped many of its former Sears locations. After he resigned as CEO, Lampert was finally sued by Sears Holdings for robbing the company’s assets due to bankruptcy.

Sears closes the door to the last department store in Illinois. The state where the first retail store opened in 1925.

Woodfield Mall’s Sears Department Store in Schoumberg, a suburb of Chicago, will close on November 14.

Transformco, which acquired Sears Holdings after filing for bankruptcy in 2018, confirmed its real estate redevelopment plan.

Scott Carr, President of Real Estate at Transformco, said:

Transformco said the company is focusing on growth sears.com Sears home service business.

“This is part of the company’s strategy to unleash the value of real estate and pursue the highest and best use for the benefit of the community,” Larry Costello, director of public relations at Transformco, said in a statement. Stated.

Sears continues to have a presence in Illinois.There are 11 Sears Hometown stores in the state that are primarily open In a small town by an independent dealer or franchisee of a Transformco affiliate.

Stores are typically 6,000 to 8,000 square feet, much smaller. From Sears Department Store Each is over 100,000 square feet and mainly sells durable consumer goods and appliances. Transformco’s strategy is to operate More stores like hometown Sears.

three Currently 300 Sears and K Mart stores are still open In the United States, it has fallen from nearly 700 in October 2018, when Sears declared bankruptcy. At its peak, the company operated more than 3,000 stores.

Once the country’s major retailers and their Sears, the largest employer, opened its first retail store in Chicago in 1925 and closed its last store in 2018.

COVID-19 further eroded the entire department store industry, bankrupting luxury retailers like Neiman Marcus and budget department stores like JCPenney. Sears Holdings has emerged from bankruptcy in February 2019. The second submission of Chapter 11 to the company could be the end of Sears and K-Mart.

“I was surprised that it wasn’t liquidated yet,” said Reshmi Bass, a fat wire analyst and retail bankruptcy expert. “History is [second bankruptcy] For retailers, it almost always ends up in liquidation. “

Critics of Eddie Lampert, former CEO of Sears Holdings, argued that he was more interested in the company’s real estate than in retail. Lampert, a hedge fund operator with expertise in real estate, has redeveloped many of its former Sears locations. After he resigned as CEO, Lampert was finally sued by Sears Holdings for robbing the company’s assets due to bankruptcy.

Sears is closing its last department store in Illinois, the retailer’s home state Source link Sears is closing its last department store in Illinois, the retailer’s home state

Related Articles

Back to top button