Sears closes its last US stores: once America's largest retailer
The latest Sears store, located in Illinois, is preparing to close its doors for good. This is notable because Illinois is the home state of the company, writes CNBC.
The store, located at the Woodfield Mall Simon Property Group, is due to close on November 14.
A spokesman for the parent company of the Transformco department store chain said the company will look for ways to use the space, but with a different tenant. The company owns the property.
“This is part of the company's strategy to unlock the value of real estate and strive to make the most and best use of it for the benefit of the local community,” Transformco said in a statement.
Sears Holdings, which also owned Kmart, filed for bankruptcy protection in October 2018. Transformco later acquired Sears in bankruptcy and has since closed dozens of Sears and Kmart's remaining United States locations.
Kmart's latest Manhattan outlet recently closed. It will be replaced by the Wegmans grocery store.
A Transformco spokesman declined to confirm how many Sears and Kmart stores are still open.
The company's websites list 35 Sears stores, including Woodfield Mall and 22 Kmart stores.
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Sears was founded in Chicago in the 1890s. The business flourished for much of the XNUMXth century, as the chain sold everything from houses to clothing. Sears was once the nation's largest retailer with thousands of stores.
At the time of filing for bankruptcy, the company had about 700 stores, many of which were out of stock.
Scott Carr, president of Transformco's real estate division, said the company plans to maximize the value of Woodfield Mall property through renovations.
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